Odisha may receive Rs 40,000 cr investment as JSW Group suggests EV manufacturing projects

With an estimated investment potential of Rs 40,000 crore, the Sajjan Jindal-led JSW Group has suggested industrial projects in Odisha for the production of

electric vehicles (EVs)

Under the direction of Chief Minister Naveen Patnaik, the state Cabinet has authorised a special incentive package that includes capital subsidies, land, energy, and water.

"In the Cuttack district, in Naraj, the JSW Group has planned to establish an electric vehicle and electric vehicle battery production complex,” according to Chief Secretary P K Jena. He further said, "The world's largest single location project in the sector will be the unique advanced technology-based battery manufacturing project with a capacity of 50 GWH."

“In two stages, the business intends to establish an original equipment manufacturing factory for electric vehicles and their components at the Naraj complex,” according to Jena. Over 4,000 jobs would be created in the state by JSW's planned Rs 25,000 crore investment over the course of these two stages.

The JSW Group intends to establish an EV component manufacturing complex in the third phase in Paradip in the Jagatsinghpur area, which would include a copper and a lithium smelter. JSW intends to invest Rs 15,000 crore in the state during this phase, creating jobs for around 7,000 people. 

The Odisha government has authorised giving JSW Group 1,100 acres of land in Cuttack at a discounted rate, 220 KV of power, and 10 cubic seconds of water from the Mahanadi River as part of the special package. According to Industries Secretary Hemant Sharma, the corporation has also been promised other incentives, such as a capital subsidy of 20% of the project cost over five years.

According to Sharma, the Odisha government has already selected land close to Naraj that would probably be given to JSW Group for industrial projects including the production of electric vehicles.