JSW Group embarks on Rs 40,000 crore EV and battery manufacturing venture in Odisha By Elets News Network - 12 February 2024
The JSW Group has agreed with the Government of Odisha, sealing a deal valued at Rs 40,000 crore for initiating an electric vehicle (EV) and EV battery production endeavour in Cuttack and Paradip.
Under this ambitious project, the conglomerate is poised to channel Rs 25,000 crore into establishing an EV and battery manufacturing hub in Cuttack. The remaining Rs 15,000 crore is earmarked for setting up a facility dedicated to producing components for electric vehicles in Paradip.
The comprehensive project includes the construction of a 50 GWH EV battery facility, electric vehicles, a lithium refinery, a copper smelter, and various units for manufacturing related components. It is anticipated to generate over 11,000 employment opportunities, significantly boosting job creation in the region. Additionally, the initiative is expected to stimulate the growth of micro, small, and medium enterprises (MSMEs), enhancing the supply chain and services in the automotive component sector.
Naveen Pattanaik, Chief Minister of Odisha, expressed the state’s commitment to harnessing the potential of emerging sectors to foster high-skill employment for Odisha’s populace. He highlighted the partnership with the JSW Group as a pivotal move towards harnessing innovation for industrial advancement, intending to equip the state’s youth with the skills and job opportunities that will shape the future economic landscape.
Sajjan Jindal, Chairman of the JSW Group, reflected on the enduring ties with Odisha and its community as the cornerstone of this new project. He described the venture as a significant step in the group’s commitment to the state’s growth and well-being. By integrating its operations within the dynamic ecosystem of Odisha, the group intends to establish a mutually beneficial relationship, promoting innovation, growth, and the creation of numerous high-skilled jobs. This initiative underscores the group’s confidence in Odisha’s prospects and its commitment to enriching the state’s economic environment.