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regular-article-logo Saturday, 20 July 2024

Odisha government signs MoU with JSW Group to set up Rs 40,000 crore EV project in state

Chief minister Naveen Patnaik said: 'The day marks a great leap forward in our journey towards industrial excellence and sustainable development'

Subhashish Mohanty Bhuabaneswar Published 11.02.24, 07:00 AM
Naveen Patnaik

Naveen Patnaik File image

The Odisha government on Saturday signed a memorandum of understanding with the JSW Group for the establishment of an integrated electric vehicle (EV) and EV battery manufacturing project in Cuttack and Paradeep.

The project will come up at an investment of Rs 40,000 crore and it consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. While electric vehicle and component manufacturing plants will come up in Cuttack, a copper smelter and a lithium refinery will be set up in Paradeep.

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“The ambitious project will help create over 10,000 jobs for our youth, marking a significant growth in employment generation in the state,” said a media release issued by the chief minister’s office (CMO).

“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,” the release said.

Chief minister Naveen Patnaik said: “The day marks a great leap forward in our journey towards industrial excellence and sustainable development.”

Naveen said: “The establishment of the JSW Group’s Electric Vehicle manufacturing unit is a testament to our state’s evolving industrial landscape. This strategic move underscores our commitment to sustainable development, thereby, positioning Odisha as a pivotal player in India.”

The chief minister said the project would enhance the livelihoods of thousands of families and contribute to the socio-economic upliftment of the region. “It will also catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries.”

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