JSW Group Announces ₹40,000 Crore Investment in Odisha

JSW Group Announces ₹40,000 Crore Investment in Odisha for Mega EV Manufacturing Project.


2/10/20241 min read

JSW Group Announces ₹40,000 Crore Investment in Odisha for Mega EV Manufacturing Project.

In a significant development aimed at bolstering India's electric vehicle (EV) ecosystem, the JSW Group has unveiled plans for a massive ₹40,000 crore investment in Odisha. The memorandum of understanding (MoU) signed with the Odisha government outlines the establishment of integrated EV and EV battery manufacturing facilities in Cuttack and Paradip.

The ambitious project will be executed in two phases, with ₹25,000 crore earmarked for the electric vehicle and battery manufacturing complex in Cuttack, and ₹15,000 crore allocated for the EV components manufacturing facility in Paradip. This strategic move not only underscores JSW's commitment to the burgeoning EV sector but also signifies its entry into the state of Odisha amid stiff competition from other regions.

Chairman of JSW Group, Sajjan Jindal, expressed confidence in Odisha's potential and highlighted the company's dedication to fostering growth and innovation while generating high-skilled job opportunities. The proposed project includes the establishment of a 50 GWH EV battery plant, catering to both mobility and energy storage systems, alongside commercial and passenger electric vehicle production units.

Additionally, the integrated complex will house facilities for auto components like e-powertrain, lithium refinery, copper smelter, and related manufacturing units, making it a comprehensive EV manufacturing hub. JSW Group envisions this endeavor as the world's largest single-location project in the EV sector, set to revolutionize India's automotive landscape.

Moreover, the project is poised to create over 11,000 jobs, with 4,000 positions in Cuttack and 7,000 in Paradip. JSW's foray into EV manufacturing in Odisha is expected to catalyze MSME development, stimulate ancillary services, and invigorate the auto component supply chain.

With a joint venture already in place with SAIC Motor Corp. Ltd for EV production and an ambitious vision for establishing a robust EV manufacturing ecosystem in Odisha, JSW Group aims to significantly enhance India's EV manufacturing capabilities while contributing to the country's sustainable mobility goals.