JSW Group, a leading conglomerate, has unveiled plans to invest a staggering ₹40,000 crore in setting up integrated electric vehicle (EV) and EV battery manufacturing facilities in Odisha. The investment is expected to boost job creation and stimulate economic growth in the region.
Strategic Entry into Odisha’s EV Market
JSW Group signed a Memorandum of Understanding (MoU) on Saturday, solidifying its strategic entry into Odisha’s emerging electric vehicle market. The move comes after the group received competitive offers from various states. The announcement aligns with JSW’s broader plan to establish itself in the electric vehicle sector, having recently entered a joint venture with SAIC Motor Corp. Ltd.
The ₹40,000 crore investment will be executed in two phases. A substantial ₹25,000 crore will be allocated for establishing an electric vehicle and battery manufacturing complex in Cuttack, while ₹15,000 crore is earmarked for the EV components manufacturing complex in Pradip.
Creating Job Opportunities
JSW Group envisions the project creating a significant impact on employment, with plans to generate 11,000 jobs. The job distribution is outlined as 4,000 in Cuttack and 7,000 in Pradip. The project is expected to catalyze the development of Micro, Small, and Medium Enterprises (MSMEs) in the auto component supply chain and services sector.
World’s Largest Single-location Project
The advanced technology-based project includes a 50 GWH EV battery plant catering to both mobility and energy storage systems. Additionally, the complex will house manufacturing units for commercial electric vehicles, passenger electric cars, e-powertrain components, lithium refinery, copper smelter, and related components. The ambitious project aims to be the world’s largest single-location facility in the electric vehicle sector.
Support from Odisha Government
Sajjan Jindal, Chairman of JSW Group, expressed confidence in Odisha’s potential, emphasizing the company’s dedication to contributing positively to the state’s economic landscape. The Odisha government has pledged support through a special package of incentives, underlining its commitment to fostering a conducive environment for such investments.
Chief Minister’s Vision
Naveen Patnaik, Chief Minister of Odisha, highlighted the government’s focus on creating high-skill job opportunities in new-age sectors. He stated, “Through our collaboration with the 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.”
JSW Group’s massive investment in Odisha’s EV sector not only marks a significant step for the conglomerate but also positions Odisha as a key player in India’s electric vehicle and green technology sectors. The project’s potential to create jobs and stimulate ancillary industries further solidifies Odisha’s attractive investment climate. As the world transitions towards sustainable energy solutions, JSW’s investment is poised to contribute substantially to India’s growing electric vehicle market.