By JSW Group has signed a monumental Memorandum of Understanding (MoU) with the Government of Odisha, marking a significant step towards establishing an integrated electric vehicle (EV) and EV battery manufacturing project in the state. This ambitious venture is expected to come in Cuttack and Paradip, which will improve Odisha’s industrial landscape and increase its position in the EV sector. Recently, JSW Group has officially acquired a 35% stake in MG Motor India through a strategic joint venture with SAIC Motor.
With a staggering investment of Rs 40,000 crore, JSW’s vision encompasses the establishment of a comprehensive infrastructure including a 50GWh EV battery plant, a lithium refinery, copper smelter, and ancillary component manufacturing units. This project is expected to redefine the contours of EV technology, positioning the state as a nucleus of innovation and progress. Foremost among its objectives is the development of cutting-edge battery technology, making it the world’s largest single-location project in the EV sector.
The integration of Original Equipment Manufacturer (OEM) plants for EVs and components within the facility underscores JSW’s commitment to operational synergy and efficiency. The manufacturing plant is expected to serve over one lakh commercial EVs and three lakh passenger EVs annually. In addition to catalyzing technological advancements, the project is slated to be a catalyst for job creation, with over 11,000 employment opportunities set to materialize. Moreover, the establishment of a state-of-the-art Research and Development (R&D) centre underscores JSW’s unwavering commitment to innovation, fostering an ecosystem conducive to pioneering breakthroughs and technological marvels.
