JSW Group signs Rs 40,000 cr deal with Odisha govt to set up EV, EV battery units in Cuttack, Paradip

The JSW Group has signed a deal worth Rs 40,000 crore with the Odisha government to set up an electric vehicle (EV) and electric vehicle battery manufacturing project at Cuttack and Paradip. The memorandum of understanding in this regard was signed on February 10. 

The company plans to invest Rs 25,000 crore in Cuttack for the electric vehicle and its battery manufacturing complex, while the rest Rs 15,000 crore will be invested in the EV components manufacturing facility in Pradip.

The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. It is projected to reate over 11,000 jobs, marking a significant growth in employment generation in the state. The project will also spur employment generation in ancillary and support services. It will catalyse MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.

Odisha CM Naveen Pattanaik said: “We are keenly focused on leveraging the opportunities presented by the new age sectors, aiming to create high-skill job opportunities for the people of Odisha. Through our collaboration with JSW Group, 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, JSW Group, said: “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. By integrating our operations within Odisha's vibrant ecosystem, we aim to create a symbiotic relationship that benefits all stakeholders, fostering growth and innovation, and generating numerous high-skilled job opportunities. It's a testament to our belief in Odisha's potential and our dedication to contributing positively to its economic landscape."