JSW Group to invest Rs 40,000 crore in Odisha for integrated EV and battery manufacturing project

JSW Group, one of the leading business conglomerates has signed a Memorandum of Understanding (MoU) with the Government of Odisha establishing an integrated electric vehicle (EV) and EV battery manufacturing project at Cuttack and Paradip.

This historic moment marks JSW Group’s strategic entry into Odisha, amidst competitive offers from other states.

The ambitious project, with an investment of Rs 40,000 crore, is expected to create over 11,000 jobs, marking a significant growth in employment generation in the state. The project will also spur employment generation in ancillary and support services. It will catalyse MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.

Furthermore, JSW Group’s commitment to skilling the local workforce will ensure that the benefits of this industrial growth are widespread, enhancing the employability of the state’s youth in cutting-edge manufacturing processes.

The Odisha Government’s support through a special package of incentives for the project underlines the state’s commitment to fostering industrial growth and technological innovation. This initiative is expected to not only enhance Odisha’s industrial landscape but also contribute significantly to India’s EV manufacturing capabilities.

Chief Minister of Odisha, Naveen Patnaik said, ‘We are keenly focused on leveraging the opportunities presented by the new age sectors, aiming to create high-skill job opportunities for the people of Odisha. Through our collaboration with JSW Group, we are setting the stage for a future where innovation drives our industrial growth, ensuring that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development.’