In a significant move towards sustainable technology, the JSW Group is set to establish a state-of-the-art electric vehicle (EV) battery manufacturing project in the Cuttack district of Odisha.
With a colossal capacity of 50 GWH, this project marks the world's largest single-location initiative in the electric vehicle sector.
The ambitious endeavour received the green light from the Odisha Cabinet, presided over by Chief Minister Naveen Patnaik, who approved a special incentive package to facilitate the establishment of the EV and component manufacturing projects.
JSW Group has committed a combined investment of Rs 40,000 crore for these pioneering initiatives, promising a substantial economic boost and the creation of over 11,000 jobs in the region.
Chief Secretary P K Jena expressed optimism about the impact of these projects on Odisha's industrial landscape, stating, "These projects would significantly boost the industrial and economic landscape of Odisha. These projects have the employment potential of over 11,000."
The focal point of this development will be the electric vehicle and EV battery manufacturing project located near Naraj in the Cuttack district, expected to generate employment for 4,000 people.
JSW Group plans to invest Rs 25,000 crore in phases for the facility, with additional plans for an Original Equipment Manufacturer plant for EVs and components, reports The Hindu.
Furthermore, the conglomerate intends to establish an EV components manufacturing complex, including a copper smelter and lithium smelter, at Paradip in the third phase of its expansion into the new-age sector. Jena shared, "In this phase, JSW is planning to invest Rs 15,000 crore in the State, generating employment for more than 7,000 people."
JSW Utkal Steel, a wholly-owned subsidiary of JSW Group, recently acquired 2,948.05 acres for a proposed 24 million tonne per annum greenfield integrated steel plant near Paradip. This strategic move follows the relocation of the site, initially earmarked for a steel plant by the South Korean company Posco, which was abandoned in 2017.
Before this groundbreaking announcement, the JSW Group, led by Sajjan Jindal, had proposed an investment exceeding Rs 1,00,000 crore in various projects within the state.