The JSW Group has signed a memorandum of understanding (MoU) with the government of Odisha to set up an electric vehicle (EV) and electric vehicle battery manufacturing project at Cuttack and Paradip. The company will invest Rs 40,000 crore for the mega manufacturing plants.
JSW, in an official press release revealed that the "the world-class advanced technology-based project" consists of a 50 GWH EV battery plant for both mobility & energy storage systems, commercial e-vehicles and passenger electric cars, auto components like e-powertrain, lithium refinery, copper smelter and related component manufacturing units.
The company plans to invest Rs 25,000 crore in Cuttack for the electric vehicle and its battery manufacturing complex, while the rest Rs 15,000 crore will be invested in the EV components manufacturing facility in Pradip.
Previously, the company had announced a joint venture with a 35 percent stake alongside SAIC Motor Corp. Ltd (the parent company of MG Motor India) to focus on electric vehicles.
In addition, the company faces the task of establishing an entire ecosystem for EV manufacturing in Odisha, a region currently lacking the robust automobile manufacturing infrastructure found in states like Gujarat and Tamil Nadu.
The manufacturing facility will also help create over 11,000 jobs, with 4,000 employment opportunities in Cuttack and 7,000 in Pradip. "This initiative is expected to not only enhance Odisha's industrial landscape but also contribute significantly to India's EV manufacturing capabilities," the JSW Group stated in a release.
“The project will also spur employment generation in ancillary and support services. It will catalyze MSME development, opening a plethora of opportunities in the auto component supply chain and services sector," the company added.
"We are keenly focused on leveraging the opportunities presented by the new age sectors, aiming to create high-skill job opportunities for the people of Odisha," Chief Minister of Odisha, Naveen Patnaik said.
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