JSW Group has recently announced a significant move towards bolstering the electric vehicle (EV) industry in India. The conglomerate has inked a memorandum of understanding (MoU) to establish an integrated electric vehicle and EV battery manufacturing project in Cuttack and Paradip, Odisha. This initiative marks a substantial investment of ₹40,000 crore.
The strategic decision to enter Odisha comes amidst stiff competition from other states vying for similar projects. JSW’s foray into the region aligns with its broader plan to venture into electric vehicle manufacturing. Notably, the company had previously disclosed plans for a joint venture with SAIC Motor Corp. Ltd, focusing on EVs, wherein JSW would own a 35% stake.
JSW intends to execute this ambitious project in two phases. A significant portion of the investment, around ₹25,000 crore, will be allocated to establishing an electric vehicle and battery manufacturing complex in Cuttack. The remaining ₹15,000 crore will fund the setup of an EV components manufacturing complex in Paradip.
Recognizing the need for a robust ecosystem, JSW aims to develop Odisha’s infrastructure for electric vehicle manufacturing, which currently lags behind states like Gujarat and Tamil Nadu in this regard.
Sajjan Jindal, Chairman of JSW Group, expressed confidence in Odisha’s potential and emphasized the company’s commitment to enhancing the state’s economic landscape. He highlighted the project’s focus on innovation, job creation, and fostering growth.
The ambitious project encompasses the establishment of a state-of-the-art 50 GWH EV battery plant catering to both mobility and energy storage systems. Additionally, it will produce commercial e-vehicles, passenger electric cars, and essential auto components such as e-powertrains, lithium refineries, and copper smelters.
JSW plans to create approximately 11,000 jobs through this initiative, with 4,000 positions in Cuttack and 7,000 in Paradip. The project is expected to stimulate employment opportunities in ancillary services and support MSME development, thereby bolstering the auto component supply chain.
This partnership underscores Odisha’s favorable investment climate and government initiatives aimed at positioning the state as a leader in the EV and green technology sectors. The Odisha government has pledged its support for the project through a special package of incentives.
Naveen Patnaik, Chief Minister of Odisha, emphasized the state’s commitment to fostering innovation-driven industrial growth and creating high-skill job opportunities. He lauded the collaboration with JSW Group, envisioning a future where youth have access to the skills and employment opportunities driving economic development.
