JSW Group to set up EV manufacturing plant in Odisha, signs deal with govt
- JSW Group plans to invest ₹40,000 crore in Odisha to set up an integrated electric vehicle and EV component manufacturing facility in the state.
JSW Group has signed a Memorandum of Understanding (MoU) with the Government of Odisha to set up an integrated electric vehicle manufacturing facility and an EV battery-making plant in the state. The conglomerate will invest ₹40,000 crore in the state for setting up the electric vehicle and EV battery manufacturing plants. Once completed, this project will mark JSW Group's foray into the automobile space.
In an official statement, the Indian conglomerate said that it plans to establish an integrated EV manufacturing facility in Odisha, and has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the setting up of integrated electric vehicles and EV battery manufacturing project at Cuttack and Paradip. The group also claimed that with an investment of ₹40,000 crore, this project will help create more than 11,000 jobs, marking a significant growth in employment generation in Odisha.
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The group has stated that the project will consist of a 50 GWH EV battery plant, commercial electric vehicles and passenger electric cars, a lithium refinery, a copper smelter, electric powertrains for the EVs and related component manufacturing units. In a nutshell, the company claims to set up an original equipment manufacturer plant for electric vehicles and components in the same integrated complex. JSW Group claims that once completed, it is going to be the world's largest single-location project in the electric mobility sector.
Without sharing details, JSW Group further stated that the Odisha government has been supporting the project through a special package of incentives to foster industrial growth and technological innovation. While this initiative is expected to enhance Odisha's industrial landscape, it would also contribute significantly to India's electric vehicle manufacturing capabilities. India has been aiming to become a major automobile manufacturing hub in the world, while at the same time, it is increasingly focusing on electric mobility. This upcoming project is expected to play a key role in that plan.
