Indian multinational conglomerate JSW Group has announced an investment of INR 40,000 crore to set up an Integrated Electric Vehicles (EV) And EV Battery Manufacturing facility in Odisha. The company has strategically entered Odisha by signing a Memorandum of Understanding (MoU) with the state government for the establishment of the project at Cuttack and Paradip. The move marks the group’s strategic entry into Odisha, amidst competitive offers from other states.
The project consists of a 50 GWH EV battery plant, EVs, Lithium refinery, copper smelter and related component manufacturing units. It is expected to create over 11,000 jobs by spurring employment generation in ancillary and support services. It will act as a catalyst for MSME development by offering various opportunities in the auto component supply chain and services sector. The Group aims to contribute in the skilling of the local workforce to enhance their employability in the manufacturing processes.
In order to facilitate the establishment of the facility, the Odisha government is providing a special package of incentives to the company. This initiative is expected to enhance Odisha’s industrial landscape while also contributing significantly to India’s EV manufacturing capabilities. “By integrating our operations within Odisha’s vibrant ecosystem, we aim to create a symbiotic relationship that benefits all stakeholders, fostering growth and innovation, and generating numerous high-skilled job opportunities,” said Shri Sajjan Jindal, Chairman, JSW Group.
This partnership between JSW Group and Odisha government highlights the state’s attractive investment climate and strategic initiatives to position the state at the forefront of India’s EV and green technology sectors. “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. Through our collaboration with JSW Group, we are setting the stage for a future where innovation drives our industrial growth, ensuring that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development,” said Chief Minister Naveen Patnaik.