JSW Group Inks MoU For 1st Electric Vehicle & EV Battery Manufacturing Facility In Odisha
Bhubaneswar: The Sajjan Jindal-led JSW Group on Saturday signed an MoU for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project at Cuttack and Paradip.
This came two weeks after the state cabinet approved a special incentive package for the group’s ambitious EV and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district.
The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. While EV vehicle and component manufacturing plants will be set at Cuttack, a copper smelter and lithium refinery will come up at Paradip. The project with an investment potential of Rs 40,000 crore could create employment opportunities for over 10,000 people, a CMO release said.
Speaking on the occasion, Chief Minister Naveen Patnaik said that this day marks a great leap forward in the state’s 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, and thereby, positioning Odisha as a pivotal player in India,” he added.
He further said that this project will also contribute to the socio-economic upliftment of the region and catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries.
He underscored that the project also heralds Odisha’s significant entry into the ever-growing automobile industry sector in India.
JSW Group Chairman Sajjan Jindal highlighted the multinational conglomerate’s commitment to Odisha. He said that JSW chose Odisha for its first EV unit for its stable leadership, 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.
Industries Minister Shri Pratap Dev said that the vision of the Chief Minister is on right trajectory. The state is catapulting into new areas of industrial growth with amazing speed, he added.
5T Chairman VK Pandian, Chief Secretary P K Jena and seniors officers and representatives of leading industry associations, leading technical and professional institutions of the state were present.