Bhubaneswar: Aimed at bolstering Odisha’s presence in the electric vehicle (EV) sector, the JSW Group has inked a Memorandum of Understanding (MoU) with the Government of Odisha. The agreement paves the way for the establishment of an Integrated Electric Vehicles and EV Battery Manufacturing Project in Cuttack and Paradeep.
Under this groundbreaking initiative, the JSW Group plans to set up EV Vehicle and Component Manufacturing plants in Cuttack, while Paradeep will witness the establishment of a copper Smelter and Lithium Refinery. This strategic move marks JSW Group’s entry into Odisha, amidst stiff competition from other states.
With an ambitious investment of Rs 40,000 crore, the project is set to generate over 10,000 jobs, signaling a remarkable surge in employment opportunities in the state. Moreover, ancillary and support services are expected to experience a surge in employment, further boosting MSME development and creating a host of opportunities in the auto component supply chain and services sector.
The commitment of JSW Group to skill the local workforce ensures that the benefits of this industrial growth are widespread, enhancing the employability of the state’s youth in cutting-edge manufacturing processes.
The Government of Odisha’s unwavering support through a special package of incentives underscores its dedication to fostering industrial growth and technological innovation. This initiative is poised not only to enhance Odisha’s industrial landscape but also to significantly contribute to India’s EV manufacturing capabilities.
Addressing the occasion, Chief Minister Naveen Patnaik hailed the MoU as a significant stride towards industrial excellence and sustainable development. He emphasized Odisha’s steady transformation fueled by the 5T initiative, positioning the state as a key player in India’s industrial arena.
Sajjan Jindal, Chairman of JSW Group, expressed confidence in Odisha’s potential, citing the state’s stable leadership, unparalleled support to industries, and abundant resources as key factors behind the decision to establish the first EV unit in Odisha. He reiterated JSW Group’s commitment to the state’s development and prosperity.
Industries Minister Pratap Dev lauded the Chief Minister’s vision, affirming that Odisha is on the right trajectory towards industrial growth. He highlighted the state’s rapid expansion into new areas of industrial development.
The partnership between JSW Group and the Government of Odisha underscores the state’s attractive investment climate and strategic initiatives to position Odisha as a leader in India’s EV and green technology sectors. The project, encompassing a 50 GWH EV battery plant, EVs, Lithium refinery, Copper smelter, and related component manufacturing units, promises to reshape Odisha’s industrial landscape and propel it towards a sustainable and prosperous future.
