JSW Group Signs MoU with Odisha Govt to Set Up EV Manufacturing Facilities

Published On: 12 February 2024
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The brand will invest INR 40,000 crore in Odisha to set up its new electric battery and vehicle facilities.

JSW Group has recently signed a Memorandum of Understanding (MoU) with the Odisha government to develop integrated electric vehicle and e-battery manufacturing facilities in the state. The brand will invest INR 40,000 crore in Odisha to set up its new electric battery and vehicle facilities. This new venture will be in the cities of Paradip and Cuttack. The company will be investing INR 25,000 crore in Cuttack for the EV plant and its battery manufacturing complex, whereas the remaining INR 15,000 crore will be utilized to manufacture EV components at the facility located in Pradip. The ceremony was attended by Odisha CM Naveen Pattanaik, industries minister Pratap Keshari Dev, Chairman of JSW Group Sajjan Jindal, and other senior government officers.

The company said in a statement that the new investment of INR 40,000 crore will help in creating more than 11,000 job opportunities, marking a significant surge in the employment sector in the state. Under this new project, JSW Group will manufacture EVs, a 50 GWH EV battery facility, related component building units, and a copper smelter. The company is all set to establish an original equipment manufacturer facility for EVs and components. The brand said that once the project is completed, it is likely to become the world’s largest single-location project in the green mobility sector.

The government of Odisha has also been supporting the new project via a special package of incentives to promote technical innovation and industrial growth. It would also increase the country’s EV manufacturing capabilities. India has been working to become a major manufacturing hub for automobiles, and at the same time, the country is also focusing on electric mobility.

The Chief Minister of Odisha, Mr. Naveen Pattanaik, said, “We are keenly focused on leveraging the opportunities presented by the new age sectors, aiming to create high-skill job opportunities for the people of Odisha. Through our collaboration with JSW Group, we are setting the stage for a future where innovation drives our industrial growth, ensuring that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development.”

The Chairman of JSW Group, Sajjan Jindal, said, “Our long-standing relationship with Odisha and its people forms the foundation of our new venture. This project is a milestone in our journey, reflecting our commitment to the state's development and prosperity. By integrating our operations within Odisha's vibrant ecosystem, we aim to create a symbiotic relationship that benefits all stakeholders, fostering growth and innovation, and generating numerous high-skilled job opportunities. It's a testament to our belief in Odisha's potential and our dedication to contributing positively to its economic landscape."

In November 2023, JSW picked up a stake of 35 percent in MG Motor India, entering a joint venture with MG’s parent company, Shanghai Automotive Industry Corporation (SAIC Motor). As part of the joint venture, the group will work on expanding MG’s vehicle lineup in India (with the launch of electric vehicles), improving local sourcing, enhancing charging infrastructure for EVs, and expanding production capacity.