Odisha Govt and JSW Group Forge Rs 40,000 Crore Pact for EV and Battery Manufacturing Project

Bhubaneswar: In a groundbreaking collaboration set to propel Odisha into the forefront of the Electric Vehicle (EV) sector, JSW Group and the Government of Odisha have inked a Memorandum of Understanding (MoU) for an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project. The strategic venture aims to establish manufacturing units at Cuttack and Paradeep.

JSW Group’s ambitious project encompasses EV vehicle and component manufacturing plants in Cuttack, while Paradeep will host a copper smelter and lithium refinery. Valued at Rs 40,000 crore, this monumental initiative not only marks JSW Group’s strategic entry into Odisha but also reflects the state’s commitment to fostering industrial growth.

The project’s impact is expected to extend beyond economic development, generating over 10,000 jobs and fostering ancillary and support services employment. The infusion of investment is set to catalyze MSME development, creating a robust ecosystem in the auto components supply chain and services sector.

Emphasizing the commitment to local skill development, JSW Group envisions enhancing employability in the state by incorporating cutting-edge manufacturing processes. The Odisha Government has extended its support through a special package of incentives, highlighting the state’s dedication to industrial growth and technological innovation.

Chief Minister Naveen Patnaik hailed this collaboration as a significant leap toward industrial excellence and sustainable development. He stressed Odisha’s steady transformation, fueled by the 5T initiatives, positioning the state as a pivotal player in India. The Chief Minister expressed confidence in the project’s potential to elevate livelihoods, catalyze MSME growth, and drive socio-economic upliftment.

Highlighting Odisha’s entry into the burgeoning automobile industry, Chief Minister Patnaik emphasized the alignment of the project with the state’s vision for green technology adoption, reduced carbon emissions, and promotion of eco-friendly mobility solutions.

Sajjan Jindal, Chairman of JSW Group, underscored the selection of Odisha for its first EV unit due to stable leadership, unparalleled state support, abundant resources, and a skilled ecosystem. He expressed confidence in Odisha’s potential to evolve into a trillion-dollar economy.

Industries Minister Pratap Dev lauded the Chief Minister’s visionary trajectory, asserting that the state is rapidly catapulting into new areas of industrial growth. The event was attended by Kartik Pandian, Chairman of 5T Initiatives and Nabin Odisha; Chief Secretary PK Jena; representatives of industry associations; and senior government officials.

This collaborative venture positions Odisha as a prime destination for investments, marking a significant stride toward a sustainable and tech-driven industrial landscape. The comprehensive project encompasses a 50 GWH EV battery plant, EVs, Lithium refinery, Copper smelter, and related component manufacturing units. The partnership aims to shape Odisha’s future as a leader in India’s EV and green technology sectors.