In a significant development aimed at bolstering Odisha's presence in the electric vehicle (EV) sector, JSW Group has entered into a Memorandum of Understanding (MoU) with the Odisha government to set up an Integrated Electric Vehicles and EV Battery Manufacturing Project in Cuttack and Paradeep. The project entails the establishment of EV vehicle and component manufacturing plants in Cuttack, while Paradeep will host a copper smelter and lithium refinery. This landmark agreement underscores JSW Group's strategic foray into Odisha, amid competitive proposals from other states.
With a whopping investment of Rs 40,000 crore, this ambitious initiative is poised to generate over 10,000 employment opportunities for the state's youth, marking a significant stride in employment generation. Additionally, the project is expected to catalyze the growth of ancillary industries and support services, fostering the development of micro, small, and medium enterprises (MSMEs) along the auto component supply chain.
JSW Group's commitment extends beyond mere investment; it includes a focus on skilling the local workforce, ensuring widespread benefits from industrial growth and enhancing employability in advanced manufacturing processes. The Odisha government's support through a tailored package of incentives reflects its dedication to fostering industrial growth and technological innovation.
This initiative not only enhances Odisha's industrial landscape but also contributes significantly to India's EV manufacturing capabilities. Chief Minister Naveen Patnaik lauded this partnership as a significant leap forward in the state's journey towards industrial excellence and sustainable development, driven by the 5T initiative. He emphasized the project's potential to uplift thousands of families socio-economically and spur MSME growth, thereby creating a vibrant ecosystem of ancillary industries.
Sajjan Jindal, Chairman of JSW Group, highlighted Odisha's conducive business environment, stable leadership, and unparalleled government support as key factors driving the company's decision to establish its first EV unit in the state. This collaboration marks a milestone in JSW Group's commitment to Odisha's development and prosperity.
The partnership between JSW Group and the Odisha government epitomizes the state's attractive investment climate and strategic endeavors to lead India's EV and green technology sectors. With plans for a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter, and related component manufacturing units, this project heralds a new era of industrial growth and technological advancement in Odisha.