JSW Group signs MoU for EV manufacturing project in Odisha

JSW Group: The manufacturing facility will even assist in creating over 11,000 jobs.

Introduction

The JSW Group has entered into a memorandum of understanding (MoU) with the government of Odisha to establish an electric vehicle (EV) and electric vehicle battery manufacturing project in Cuttack and Paradip. 

The project involves a substantial investment of Rs 40,000 crore and aims to bolster India’s EV manufacturing capabilities.

Project Details

According to an official press release by JSW, the project will encompass a state-of-the-art 50 GWH EV battery plant for both mobility and energy storage systems, commercial e-vehicles, passenger electric cars, auto components including e-powertrain, lithium refinery, copper smelter, and related component manufacturing units. 

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

Previous Ventures

JSW had previously announced a joint venture with a 35 percent stake alongside SAIC Motor Corp. Ltd (the parent company of MG Motor India) to focus on electric vehicles. This collaboration underscores the company’s commitment to advancing electric mobility solutions in India.

Challenges and Opportunities

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Establishing an entire ecosystem for EV manufacturing in Odisha presents challenges due to the region’s current lack of robust automobile manufacturing infrastructure. 

However, JSW aims to leverage this opportunity to bolster the industrial landscape of Odisha and contribute significantly to India’s EV manufacturing capabilities.

Job Creation and Economic Impact

The manufacturing facility is expected to create over 11,000 jobs, with 4,000 employment opportunities in Cuttack and 7,000 in Paradip. 

Additionally, the project will catalyze the development of ancillary industries and support services, fostering MSME growth and creating numerous opportunities in the auto component supply chain and services sector.

Conclusion

JSW Group’s initiative signifies a strategic move towards embracing new-age sectors and creating high-skill job opportunities for the people of Odisha. The project holds the potential to transform the state’s industrial landscape while contributing significantly to India’s EV manufacturing sector.