JSW's big bet on electric vehicles with Rs 40,000 crore project!

JSW Group and the Odisha government have inked a significant memorandum of understanding (MoU) to establish an integrated Electric Vehicle (EV) manufacturing facility within the state. This ambitious project represents an investment of Rs 40,000 crore and signifies JSW Group's entry into the automotive sector.

The endeavor encompasses the creation of an Integrated Electric Vehicles and EV Battery Manufacturing Project situated in Cuttack and Paradip. Central to this initiative is the development of a 50 GWH EV battery plant, alongside the production of EVs, a lithium refinery, a copper smelter, and associated component manufacturing units. Notably, this venture is anticipated to generate over 11,000 employment opportunities throughout Odisha.

Odisha Chief Minister Naveen Patnaik underscored the state's commitment to fostering employment within burgeoning industries, emphasizing the creation of high-skill job prospects in ancillary and support services. Furthermore, this collaboration aims to establish a foundation for innovation-driven industrial expansion, thereby fueling the next phase of economic development.

This project represents a pivotal moment in JSW Group's trajectory and is poised to spur the development of Micro, Small, and Medium Enterprises (MSMEs), particularly within the auto component supply chain and services sector. As a conglomerate with a diversified portfolio spanning steel, energy, cement, paints, and other core sectors, the USD 23 billion Group is poised to leverage its expertise in facilitating this transformative venture.

News by Rahul Yelligetti