JSW Group Forges Path in EV Industry with Rs 40,000 Crore Investment in Odisha

The JSW group has taken a significant stride towards establishing a foothold in the electric vehicle (EV) sector by entering into an agreement with the government of Odisha for an integrated EV and EV battery manufacturing project. This venture, valued at Rs 40,000 crore, marks a substantial investment in the state’s automotive industry.

This development follows the formation of a strategic joint venture between JSW and China’s SAIC Motor, which secured a 35 per cent stake in MG Motor India. This partnership underscores a strategic push towards green mobility initiatives, aligning with the global shift towards sustainable transportation solutions.

JSW’s commitment to green mobility extends beyond investment, with plans to bolster local sourcing, enhance charging infrastructure, expand production capacity, and diversify their vehicle offerings. The forthcoming project, slated for locations in Cuttack and Paradeep, represents a strategic choice amidst competitive bids from other states.

The ambitious project encompasses the establishment of a 50 GWH EV battery plant, EV manufacturing facilities, a lithium refinery, copper smelter, and associated component manufacturing units. Beyond its economic impact, the project is poised to generate over 11,000 jobs, signaling significant employment growth in Odisha.

Moreover, the venture is expected to stimulate ancillary industries and support services, fostering MSME development and creating opportunities across the auto component supply chain. Sajjan Jindal, Chairman of JSW Group, emphasized the symbiotic relationship envisioned with Odisha, aimed at fostering innovation, growth, and the creation of high-skilled employment opportunities.

JSW Group’s acknowledgment of Odisha’s support through tailored incentives underscores the state’s commitment to nurturing industrial growth. This collaborative effort signifies a milestone in JSW’s journey towards sustainable development, underpinned by a shared vision for economic prosperity and environmental stewardship.

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