JSW Group to build EV and battery plants in Odisha
JSW Group partners with the Odisha government for a Rs 40,000 crore investment in an integrated electric vehicle and battery manufacturing facility, aiming to generate 11,000 jobs and position the state as a key player in India's automotive sector
Mumbai- JSW Group has forged a MoU with the government of Odisha, marking a significant stride towards establishing an integrated electric vehicle (EV) and EV battery manufacturing facility in Cuttack, alongside related operations in Paradip. This monumental undertaking entails an estimated investment of Rs 40,000 crore and is projected to generate employment opportunities for approximately 11,000 individuals.
Cuttack has been earmarked as the site for the electric vehicle and EV battery manufacturing plants, while Paradip will witness the establishment of a copper smelter and lithium refinery. This ambitious venture by the JSW Group signifies Odisha's foray into the automotive manufacturing domain, constituting the largest investment in the state's automotive industry and eastern India as a whole.
Naveen Patnaik, the Chief Minister of Odisha, hailed the initiative as a testament to the state's evolving industrial landscape, emphasizing its commitment to sustainable development. He expressed confidence that this strategic collaboration would position Odisha as a pivotal player in India's industrial landscape.
In a social media update, Chief Minister Patnaik highlighted the project's potential to catalyze the growth of Micro, Small, and Medium Enterprises (MSMEs), fostering a vibrant ecosystem of ancillary industries. Beyond creating direct employment opportunities, the project is anticipated to stimulate job growth in ancillary and support services, thus driving the development of the auto component supply chain and services sector.
Sajjan Jindal, Chairman of the JSW Group, cited Odisha's stable leadership, robust support for industries, and conducive resource and skill ecosystem as key factors in selecting the state for the Group's inaugural EV unit. The establishment of the EV plant and battery giga-factory represents a strategic entry into eastern India for the US$ 23 billion JSW Group.
Notably, Odisha offers a suite of incentives for manufacturing EVs and new-age industries, including capital investment subsidies, exemptions from electricity duty, and incentives for environment-friendly infrastructure. These measures aim to bolster the state's attractiveness as an investment destination.
In terms of EV ownership, Odisha boasts a substantial number of electric vehicles on its roads, as evidenced by Vahan data. This underscores the state's readiness to embrace sustainable transportation solutions.
The signing of the MoU follows the recent approval by the Competition Commission of India for JSW's proposed acquisition of up to a 38% stake in MG Motor India, further solidifying JSW's presence in the automotive sector.
In a pioneering move in December 2021, the JSW Group unveiled the JSW Electric Vehicle (EV) Policy, offering substantial incentives for its employees across India to purchase electric vehicles. This initiative, coupled with the provision of dedicated charging stations and green zones at JSW offices and plant locations, underscores the Group's commitment to promoting EV adoption.
