JSW group signs MoU with Odisha to set up Rs 40,000 crore EV project in state | India News

Feb 10, 2024



Bhubaneswar: The JSW Group signed an MoU on Saturday with Odisha Government to set up an integrated electric vehicle (EV) and EV battery manufacturing project at an investment of Rs. Rs 40,000 crore In the state. JSW Group will set up an EV vehicle and component manufacturing plant at Naraj in Cuttack district, while at Paradip in Jagatsinghpur district it will set up a copper smelter and lithium refinery. The project comprises a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and associated component manufacturing units.
Memorandum of understanding The signing came two weeks after the state Cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district.
Speaking on the occasion, Chief Minister Naveen Patnaik said the day marks a major leap in the state's journey towards industrial excellence and sustainable development.
“Driven by the 5T (Transformational) initiative, Odisha is on a continuous path of transformation. The establishment of JSW Group's electric vehicle manufacturing unit is a testament to the evolving industrial landscape of our state. This strategic move underlines our commitment towards sustainable development , and thus, Odisha has established itself as an important player in India”, Patnaik said.
The Chief Minister also said that this project will enhance the livelihood of thousands of families and contribute to the socio-economic upliftment of our region. It will also catalyze the growth of MSMEs, promoting the development of a vibrant ecosystem of supporting industries. He also underlined that this project marks Odisha's significant entry into the ever-growing automobile industry sector in India.
He said, “Through our collaboration with 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 skills and jobs. that will define the next generation of economic growth.”
An official statement said the project, with an investment of Rs 40,000 crore, will help create more than 10,000 jobs for the youth, thereby significantly increasing employment generation in the state. The project will also promote employment generation in supporting and supporting services. , This will catalyze MSME growth, opening up immense opportunities in the auto component supply chain and services sector.
JSW Chairman Sajjan Jindal said, “JSW chose Odisha for its first EV unit for its resources and skill ecosystem apart from the state's steady leadership, the state government's unparalleled support to industries. Odisha has a trillion dollar economy. Has full potential to become.” Group..
Saying that the company's long-term relationship with Odisha and its people forms the foundation of the new venture, Jindal said the project is a milestone in our journey, reflecting our commitment towards the development and prosperity of the state.



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