The JSW Group, in collaboration with the Odisha government, has formally entered into a Memorandum of Understanding (MoU) to establish an extensive Integrated Electric Vehicle (EV) and EV Battery manufacturing project. This transformative initiative involves an investment of Rs 40,000 crore in the state of Odisha.
Let’s get into the details of this MOU signed by JSW group and Odisha:
In Naraj, Cuttack district, JSW plans to establish an EV vehicle and component manufacturing plant. In Paradip, Jagatsinghpur district, the project encompasses a copper smelter and lithium refinery, including a 50 GWH EV battery plant, EV manufacturing unit, lithium refinery, copper smelter, and related component manufacturing facilities. The MoU follows the state cabinet’s recent approval of a special incentive package, reflecting the government’s commitment to supporting JSW Group’s EV and component manufacturing projects.
Speaking on the occasion, Chief Minister Naveen Patnaik said:
“This day marks a great leap forward in the state’s journey towards industrial excellence and sustainable development. Powered by the 5T (transformational) initiative, Odisha is on a steady path of transformation. The establishment of the JSW Group’s Electric Vehicle manufacturing unit is a testament to our state’s evolving industrial landscape. This strategic move underscores our commitment to sustainable development, thereby, positioning Odisha as a pivotal player in India.”
The Chief Minister envisions that this project will not only uplift the livelihoods of thousands of families but also make a substantial contribution to the socio-economic development of Odisha. Additionally, it is anticipated to act as a catalyst for the growth of Micro, Small, and Medium Enterprises (MSMEs), playing a pivotal role in nurturing a vibrant ecosystem of ancillary industries. The Chief Minister highlighted the project as a significant milestone, marking Odisha’s notable entry into the continually expanding automobile industry sector in India.