The JSW group declared the signing of a memorandum of understanding (MoU) to establish an integrated EV and EV battery manufacturing project at Cuttack and Paradip, with an investment of ₹40,000 crore.
As other states made competitive bids, the group publicly announced its strategic entry into the state through this memorandum of understanding. Another important part of the company’s goal to produce electric automobiles is this announcement. The business and SAIC Motor Corp. Ltd., the firm that owns MG Motor India, had established a joint venture to establish an EV-focused JV in which the company would possess a 35% stake.
Investment of JSW
JSW said it will invest in the project in two parts. For the electric vehicle and its battery manufacturing complex, the business intends to invest ₹25,000 crore in Cuttack; similarly, ₹15,000 crore will be invested in the EV components manufacturing complex in Paradip. To produce EVs in Odisha, which lacks the same infrastructure for car production as places like Gujarat and Tamil Nadu, the business will also need to create an ecosystem.
Our goal is to establish a mutually beneficial partnership with all parties involved by integrating our activities into the dynamic ecosystem of Odisha. This will promote growth and innovation while also creating a multitude of chances for highly skilled employment. It’s evidence of our commitment to enhancing Odisha’s economic environment and our faith in the state’s potential, stated Sajjan Jindal, chairman of JSW Group.
This cutting edge project comprises a 50 GWH EV battery factory for energy storage and mobility, commercial e-vehicles, passenger electric automobiles, auto components such as e-powertrain, copper smelter, and lithium refinery, among other associated manufacturing units. According to the corporation, the initiative will result in the creation of 11,000 jobs, including 7,000 in Paradip and 4,000 in Cuttack. Additionally, the project will promote the creation of jobs in support and ancillary services. It will spur MSME growth and create several opportunities in the automotive services and supply chain industries.
