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In a groundbreaking move, the JSW Group has unveiled plans to invest a staggering ₹40,000 crore in setting up integrated electric vehicle (EV) and EV battery manufacturing facilities in Cuttack and Paradip, Odisha.
This monumental Memorandum of Understanding (MoU) marks JSW’s strategic entry into the state’s burgeoning EV sector, where it will invest ₹25,000 crore in Cuttack for an EV and battery manufacturing complex, and ₹15,000 crore in the EV components manufacturing complex in Paradip.
- Strategic Entry into Odisha: JSW’s investment in Odisha is a strategic move to establish an integrated electric vehicle (EV) and EV battery manufacturing project, showcasing the group’s commitment to expanding its operations in a region with growth potential.
- Competitive Offers: Despite competition from other states, JSW chose Odisha as the location for its project, highlighting the state’s appeal and aligning investment decisions with its long-term goals.
- Investment Phases: The proposed ₹40,000 crore investment will be carried out in two phases. Cuttack will receive ₹25,000 crore for the electric vehicle and battery manufacturing complex, while ₹15,000 crore will be allocated to the EV components manufacturing complex in Paradip.
- Creating Job Opportunities: JSW aims to generate 11,000 jobs through the project, with 4,000 in Cuttack and 7,000 in Paradip. This job creation extends beyond direct employment, catalyzing growth in ancillary services and the auto component supply chain.
- World-Class Technology Project: The advanced technology-based project includes a 50 GWH EV battery plant, commercial EVs, passenger electric cars, and manufacturing units for auto components like e-powertrain, lithium refinery, and copper smelter.
- Supportive Ecosystem: JSW emphasizes the integration of operations within Odisha’s vibrant ecosystem, fostering a symbiotic relationship that benefits stakeholders, stimulates innovation, and generates high-skilled job opportunities.
- Government Collaboration: The state government of Odisha collaborates with JSW, providing a special package of incentives to support the initiative. This partnership underscores the government’s strategic initiatives in the EV and green technology sectors.
- Driving Economic Development: The project not only positions Odisha at the forefront of India’s EV and green technology sectors but also drives economic development, opening opportunities for innovation and youth skill development.
- Commitment to Sustainability: JSW’s investment aligns with the vision for a sustainable future, contributing to India’s green mobility goals and demonstrating a commitment to environmentally conscious industrial practices.
- Overall Impact: The collaboration between JSW and Odisha is poised to create the world’s largest single-location project in the EV sector, reflecting the company’s confidence in Odisha’s potential as a key player in the future of electric mobility in India.
JSW’s visionary project encompasses a 50 GWH EV battery plant, catering to both mobility and energy storage systems, along with the production of commercial and passenger electric vehicles, auto components, lithium refinery, copper smelter, and related manufacturing units. The company aims to create an ecosystem for EV production in Odisha, contributing to job creation with an estimated 11,000 employment opportunities—4,000 in Cuttack and 7,000 in Paradip.
This strategic partnership not only underscores Odisha’s allure for investments but aligns with the state’s commitment to lead India’s EV and green technology sectors. The Odisha government will offer a special package of incentives to bolster JSW’s ambitious venture. The JSW Group’s foray into Odisha exemplifies its confidence in the state’s potential and dedication to propelling economic growth and innovation while generating high-skilled employment opportunities.
JSW’s Chairman, Sajjan Jindal, emphasized the symbiotic relationship the project aims to establish within Odisha’s vibrant ecosystem, fostering growth and innovation. The initiative aligns with the state’s focus on creating high-skill job opportunities and propelling economic development through cutting-edge industrial growth. The JSW Group’s substantial investment not only positions Odisha as a frontrunner in the EV revolution but also signals a paradigm shift in India’s electric mobility landscape.