JSW Group to set up EV and battery plants in Odisha

The JSW Group has signed a Memorandum of Understanding with the government of Odisha to set up an integrated electric vehicle (EV) and EV battery manufacturing plant at Cuttack, and associated operations at Paradip. The investment in the project is estimated at Rs 40,000 crore and will help generate employment for 11,000 people.  

While Cuttack has been chosen as the site for the electric vehicle and EV battery manufacturing plants, Paradip will see the setting up of a copper smelter and lithium refinery. The JSW Group’s mega project marks Odisha’s entry into the automobile manufacturing sector.  

Naveen Patnaik, chief minister of Odisha, said that the state is on a steady path of transformation and that the setting up of the JSW Group’s EV manufacturing unit in Odisha is a testament to the state’s evolving industrial landscape. This strategic move underscores the state’s commitment to sustainable development, and thereby, positions Odisha as a pivotal player in India, he added.

In a social media post, the Odisha chief minister said that the project will catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries. While the project will help create jobs for 11,000 jobs in the state, it will also spur employment generation in ancillary and support services and also catalyse MSME development, opening a plethora of opportunities in the auto component supply chain and services sector, he added.

Sajjan Jindal, chairman of the JSW Group, said JSW chose Odisha for its first EV unit for its stable leadership, the State government’s unparalleled support to industries, as also its resources and skill ecosystem.

The EV plant and battery gigafactory mark the US$ 23 billion JSW Group’s strategic entry into the eastern India state. Ranked among the country’s leading business houses, it is engaged in key sectors including steel, energy, infrastructure, cements, paints, venture capital and also sports. With operations spread across India, the US, Europe and Africa, the Group employs nearly 40,000 people.

Odisha offers a high level of incentives for manufacturing EVs and for new-age industries. This includes 30% capital investment subsidy with no upper cap, 100% exemption from electricity duty and Rs 2 per unit power subsidy for a 10-year period, 50% incentive for environment-friendly infrastructure, and 100% reimbursement of SGST paid, overall limited to 200% of the cost of plant and machinery. 

Images: CMO Odisha/X

ALSO READ: 
Over 3.4 million EVs on Indian roads, Maharashtra leads in 2Ws, PVs and buses, UP in 3Ws 

Record-breaking year for electric two-wheeler sales, Ola-TVS-Ather command 62% market share

Electric 3-wheeler sales clock 66% growth in CY2023 to over 581,000 units

Electric car, SUV and MPV sales jump 114% to over 81,000 units in CY2023

EV share of auto sales in India grows to over 6% in CY2023

Go to Source