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JSW signs MoU with Odisha govt for Rs 40,000 cr EV facility

Monday, 12 Feb 2024
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JSW Group has signed a memorandum of understanding (MoU) with the Odisha government for setting up an integrated EV manufacturing facility in the state. It entails an investment of Rs 40,000 crore, and once completed, the project will mark JSW Group’s foray into the automobile space.

The establishment pertains to an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project at Cuttack and Paradip. The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units, and will help create over 11,000 employment opportunities in the state. 

Odisha Chief Minister Naveen Patnaik said that the state's focus is on new age sectors, which will spur employment by offering high-skill work avenues in ancillary and support services for the people of Odisha. Moreover, through this collaboration, it intends to set a base for innovation-driven industrial growth, skills and jobs which will define the next generation of economic development.

This project is a milestone in the company's journey, and will catalyse MSME development with opportunities in the auto component supply chain and services sector. The USD 23 billion Group is into core sectors like steel, energy, cement, paints and others.

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