JSW to invest ₹40,000 cr to set up EV facilities in Odisha
₹40,000 crore investment. Through this MoU, the group made public its strategic entry into the state amid competitive offers from other states. This announcement is also a key component of the company’s plan to manufacture electric vehicles.
The company had announced a joint venture to own 35% in a newly-created JV with SAIC Motor Corp. Ltd (which owns MG Motor India) that would focus on EVs. JSW said it will invest in the project in two phases.
The company plans to invest ₹25,000 crore in Cuttack for the electric vehicle and its battery manufacturing complex, while ₹15,000 crore will be invested in the EV components manufacturing complex in Pradip. The company will also have to build an ecosystem to manufacture EVs in Odisha, which lacks vehicle manufacturing ecosystem that states like Gujarat and Tamil Nadu have. “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.
It's a testament to our belief in Odisha's potential and our dedication to contributing positively to its economic landscape," said Sajjan Jindal, chairman of JSW Group.
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 will also set up an original equipment manufacturer plant for electric vehicles and components in the same integrated complex. This according to the company will be the world’s largest single-location project in the
