Bhubaneswar: In a significant development for Odisha’s industrial landscape, the JSW Group has sealed a Memorandum of Understanding (MoU) with the state government to establish an Integrated Electric Vehicle (EV) and EV Battery manufacturing project. The project, slated to be set up at an investment of Rs 40,000 crore, marks a substantial boost for the state’s burgeoning electric vehicle sector.
Speaking on the occasion, CM @Naveen_Odisha said that the day marks a great leap forward in the State's journey towards industrial excellence and sustainable development. Powered by the #5T initiative, CM continued, Odisha is on a steady path of transformation.
CM mentioned… pic.twitter.com/JzajgIr6fV
— CMO Odisha (@CMO_Odisha) February 10, 2024
Under the agreement, the JSW Group will establish an EV vehicle and component manufacturing plant at Naraj in Cuttack district, while a copper smelter and lithium refinery will be set up at Paradip in Jagatsinghpur district. The ambitious project encompasses a 50 GWH EV battery plant, EV manufacturing units, a lithium refinery, copper smelter, and related component manufacturing facilities.
While at Cuttack, there will be EV Vehicle, and Component Manufacturing plants; in Paradip, Copper Smelter and Lithium Refinery will be set up. This historic moment marks JSW Group’s strategic entry into #Odisha, amidst competitive offers from other states.
Shri Sajjan Jindal,… pic.twitter.com/xgnqQaOk2P
— CMO Odisha (@CMO_Odisha) February 10, 2024
The signing of the MoU comes on the heels of the Odisha state cabinet’s approval of a special incentive package tailored for JSW Group’s ambitious EV and component manufacturing ventures. This strategic collaboration underscores Odisha’s commitment to fostering a conducive environment for industrial growth and investment in emerging sectors such as electric mobility.
The establishment of such a comprehensive electric vehicle ecosystem is poised to generate significant employment opportunities and propel technological innovation in the state. Furthermore, it aligns with the broader national agenda of promoting sustainable and eco-friendly transportation solutions.
With JSW Group’s expertise and investment backing, Odisha is poised to emerge as a key player in the electric vehicle and battery manufacturing domain, contributing to the state’s economic development and positioning it as a hub for cutting-edge technology and manufacturing excellence.
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