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JSW Group to Invest INR 40,000 Cr in Mega EV and Battery Gigafactory in Odisha

The project, backed by an investment of INR 40,000 crore, is set to create over 11,000 job opportunities, signifying a substantial boost to employment prospects in the state.

February 12, 2024. By Abha Rustagi

JSW Group has inked a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of a pioneering Integrated Electric Vehicles and EV Battery Manufacturing Project in Cuttack and Paradeep.

The project, backed by an investment of INR 40,000 crore, is set to create over 11,000 job opportunities, signifying a substantial boost to employment prospects in the state. Additionally, it is expected to stimulate employment growth in ancillary and support services, thereby catalyzing the development of MSMEs and fostering opportunities in the auto component supply chain and related services sector.

JSW Group's commitment to skill development among the local workforce aims to ensure inclusive economic growth, enhancing the employability of Odisha's youth in advanced manufacturing processes.

The Odisha Government's provision of a special package of incentives underscores its dedication to promoting industrial growth and technological innovation. This collaborative endeavor is anticipated not only to elevate Odisha's industrial prowess but also to significantly contribute to India's EV manufacturing capabilities.

Speaking on the occasion, the Chief Minister of Odisha, Naveen Patnaik, expressed, "We are steadfast in harnessing the opportunities presented by emerging sectors to create high-skill job avenues for the people of Odisha. Through our partnership with JSW Group, we are laying the groundwork for a future driven by innovation, ensuring that Odisha's youth have access to skills and employment opportunities that will define the next phase of economic development."

Sajjan Jindal, Chairman of JSW Group, emphasized the organization's commitment to Odisha, stating, "Our enduring association with Odisha and its people serves as the cornerstone of our new venture. This project represents a significant milestone in our journey, underscoring our dedication to the state's progress and prosperity. By integrating our operations within Odisha's dynamic ecosystem, we aim to establish a mutually beneficial relationship that fosters growth, innovation, and the creation of numerous high-skilled job opportunities. It is a testament to our confidence in Odisha's potential and our commitment to positively contribute to its economic landscape."

The project encompasses a 50 GWH EV battery plant, EV manufacturing units, a Lithium refinery, a Copper smelter, and related component manufacturing facilities.

The MoU signing ceremony witnessed the presence of esteemed dignitaries including Chief Minister Naveen Patnaik, Minister of Industries Pratap Keshari Dev, Chairman 5T Initiatives V.K. Pandian, Chairman of JSW Group Sajjan Jindal, senior officers of the Government of Odisha, representatives from leading industry associations, and technical and professional educational institutions.

Tags:

EV Battery Manufacturing Project

Cuttack

Paradeep

MSMEs