JSW Group to Set Up Mega Integrated Electric Vehicle and EV Battery Manufacturing Project
In a landmark move set to strengthen Odisha's position in the electric vehicle (EV) sector, JSW Group signed a Memorandum of Understanding with the Odisha government for the establishment of an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project in Cuttack and Paradeep.
According to an official release from the Chief Minister's Office (CMO), "While at Cuttack, there will be EV Vehicle and Component Manufacturing plants; in Paradeep, it will set up copper Smelter and Lithium Refinery. This historic moment marks JSW Group's strategic entry into Odisha, amidst competitive offers from other states."
"The ambitious project, with an investment of Rs 40,000 crore, will help create over 10,000 jobs for our youth, marking a significant growth in employment generation in the state," it said.
The project will also spur employment generation in ancillary and support services. It will catalyze MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.
Furthermore, the JSW Group's commitment to skilling the local workforce will ensure that the benefits of this industrial growth are widespread, enhancing the employability of the state's youth in cutting-edge manufacturing processes.
The Odisha Government's support through a special package of incentives for the project underlines the state's commitment to fostering industrial growth and technological innovation.
This initiative is expected to not only enhance Odisha's industrial landscape but also contribute significantly to India's EV manufacturing capabilities.
Speaking on the occasion, Chief Minister Naveen Patnaik said that this day marks a great leap forward in our journey towards industrial excellence and sustainable development.
"Powered by the 5T 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," said the Chief Minister.
He further said that this project will enhance the livelihoods of thousands of families and contribute to the socio-economic upliftment of our region.
It will also catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries, he added.
CM Patnaik underscored that the project also heralds Odisha's significant entry into the ever-growing automobile industry sector in India.
This project, he said, aligns perfectly with our vision to be at the forefront of the adoption of green technology, reducing carbon emissions, and promoting eco-friendly mobility solutions.
Through our collaboration with JSW Group, he added, we are setting the stage for a future where innovation drives our industrial growth, ensuring that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development.
Sajjan Jindal, Chairman, of JSW Group highlighted JSW Group's commitment to Odisha.
He said that JSW chose Odisha for its first EV unit because of its stable leadership, and the state government's unparalleled support to industries, besides its resources and skill ecosystem. Odisha has all the potential to become a One Trillion Dollar economy, he added.
He further said that our long-standing relationship with Odisha and its people forms the foundation of our new venture. This project is a milestone in our journey, reflecting our commitment to the state's development and prosperity, he added.
Industries Minister Pratap Dev said that the vision of the Chief Minister is on the right trajectory. The state is catapulting into new areas of industrial growth with amazing speed, he added.
Among others, the event was attended by Shri Kartik Pandian, Charmain 5T Initiatives & Nabin Odisha; Chief Secretary Shri PK Jena and Seniors Officers of Govt of Odisha; representatives of leading industry associations, leading technical and professional institutions of the state.
Principal Secretary Shri Hemant Sharma in his welcome address outlined the details of the project, and its impact on the future of Odisha in the industry sector and job prospects.
This partnership between JSW Group and the Government of Odisha not only underscores the state's attractive investment climate but also its strategic initiatives to position Odisha at the forefront of India's EV and green technology sectors.
The project consists of a 50 GWH EV battery plant, EVs, Lithium refinery, Copper smelter and related component manufacturing units.