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regular-article-logo Monday, 15 April 2024

JSW group signs agreement with Odisha to invest Rs 40,000 crore in electric vehicle plant

This comes more than two months after it struck a strategic joint venture with China’s SAIC Motor for a 35 per cent holding in MG Motor India

Our Special Correspondent Mumbai Published 11.02.24, 05:14 AM
Odisha chief minister Naveen Patnaik at an MoU-signing ceremony between IPICOL and the JSW group in Bhubaneswar on Saturday.

Odisha chief minister Naveen Patnaik at an MoU-signing ceremony between IPICOL and the JSW group in Bhubaneswar on Saturday. PTI picture

The JSW group on Saturday took its next step in building a presence in the electric vehicle (EV) space when it signed an agreement with the government of Odisha for an integrated EV and EV battery manufacturing project in the state at an investment of Rs 40,000 crore.

This comes more than two months after it formed a strategic joint venture with China’s SAIC Motor for a 35 per cent holding in MG Motor India. MG Motor India was the arm of the Chinese auto maker that owns the British automotive brand Morris Garages.

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The strategic joint venture is likely to accelerate growth with a focus on green mobility.

The company has also announced plans to undertake new initiatives, including augmenting local sourcing, improving charging infrastructure, expanding production capacity, and introducing a broader range of vehicles with green mobility being a major area.

The latest project will come up at Cuttack and Paradeep. A statement from the group said that the entry into Odisha came amidst competitive offers from other states.

The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units.

According to the group, the project will help 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 is also forecast to catalyse MSME development, and open up several opportunities in the auto component supply chain and services sector.

“Our long-standing relationship with Odisha and its people forms the foundation of our new venture. This project is a milestone in our journey, reflecting our commitment to the state’s development and prosperity.

“By integrating our operations within Odisha’s vibrant ecosystem, we aim to create a symbiotic relationship that benefits all stakeholders, fostering growth and innovation, and generating numerous high-skilled job opportunities,” Sajjan Jindal, chairman, JSW Group said.

JSW group said Odisha’s support through a special package of incentives for the project also reflected its commitment to fostering industrial growth.

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