Odisha to receive Rs40,000 cr from JSW for setting up EV facilities

The JSW Group said on Saturday that it has signed a memorandum of understanding (MoU) to spend ₹40,000 crore to establish an integrated electric vehicle (EV) and EV battery manufacturing plant in Cuttack and Paradip.

As other states made comparable bids, the group publicly announced its strategic entry into the state through this memorandum of understanding. Another important part of the company's goal to produce electric automobiles is this announcement. The business and SAIC Motor Corp. Ltd., the firm that owns MG Motor India, had established a joint venture to establish an EV-focused JV in which the company would possess a 35% stake.

To produce EVs in Odisha, which lacks the same infrastructure for car production as places like Gujarat and Tamil Nadu, the business will also need to create an ecosystem.

“Our goal is to establish a mutually beneficial partnership with all parties involved by integrating our activities into the dynamic ecosystem of Odisha. This will promote growth and innovation while also creating a multitude of chances for highly skilled employment. It's evidence of our commitment to enhancing Odisha's economic environment and our faith in the state's potential,” stated Sajjan Jindal, chairman of JSW Group.

A 50 GWH EV battery facility for mobility and energy storage systems, commercial e-vehicles and passenger electric automobiles, auto components including e-powertrain, a lithium refinery, a copper smelter, and associated component manufacturing units make up this state-of-the-art advanced technology project.

Within the same integrated complex, the business plans to establish an original equipment manufacturer facility for electric cars and their components. The business claims that this will be the largest single-location initiative in the category globally.

According to the corporation, the initiative will result in the creation of 11,000 employees, including 7,000 in Paradip and 4,000 in Cuttack. Additionally, the initiative will promote the creation of jobs in support and ancillary services. It will spur MSME growth and provide a wealth of possibilities in the automotive services and supply chain industries," the business continued.

The agreement, according to the business, highlights both the state's favourable investment climate and the government's deliberate efforts to establish Odisha as a leader in India's electric vehicle and green technology industries. Through a unique set of incentives, the Odisha state government would assist the effort.

"Our goal is to provide the people of Odisha with high-skill employment prospects, so we are closely monitoring the chances provided by the new-age sectors," Chief Minister of Odisha Naveen Patnaik said, "By working together with the JSW Group, we are laying the groundwork for a future in which innovation powers our industrial growth and guarantees that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development."