BHUBANESWAR: The Sajjan Jindal-led JSW Group on Saturday inked a pact with the Odisha government to set up what is billed as the world’s largest single-location project in the electric vehicle (EV) sector in the state.
The integrated EV and its components manufacturing project proposed at Cuttack district’s Naraj would entail an investment of Rs 40,000 crore.
The MoU was signed in presence of Chief Minister Naveen Patnaik and Sajjan Jindal, chairman of JSW Group. The company plans the project in two phases. It would invest Rs 25,000 crore for the proposed EV, battery and EV components manufacturing unit at Naraj and Rs 15,000 crore for copper smelter and lithium refinery complex at Paradip.
This also marks JSW Group’s strategic entry into Odisha, amidst competitive offers from other states. The ambitious project will help create over 11,000 jobs in the state. Since the company will build an ecosystem to manufacture EVs in the state which lacks an automobile manufacturing ecosystem, the mega project is expected to catalyse MSME development, open up a plethora of opportunities in the auto component supply chain and services sector.
The advanced technology-based project comprises a 50 gigawatt hour (GWh) battery plant for both the mobility and energy storage systems, commercial e-vehicles and passenger electric cars, auto components like e-powertrain, lithium refinery, copper smelter and related component manufacturing units.
Speaking on the occasion, Naveen said the initiative is expected to enhance not only Odisha’s industrial landscape but also contribute significantly to India’s EV manufacturing capabilities. “JSW’s EV project marks a great leap forward in the state’s journey towards industrial excellence and sustainable development. The project aligns perfectly with our vision to be at the forefront of adoption to green technology, reducing carbon emissions, and promoting eco-friendly mobility solutions,” the chief minister said.
JSW Group chose Odisha for its first EV unit for its stable leadership, resources and skill ecosystem, Jindal said.
The skilling plans will also enhance employability of the local workforce in cutting-edge manufacturing processes. Odisha has all the potential to become a one trillion dollar economy, he said.
Minister for Industries, MSME and Energy Pratap Deb said the manufacturing complex having R&D, component manufacturing and assembling units will come up in an area of 900 acre.
Last month, the Odisha government had announced a special package of incentives for the project including land at special concessional rate and all external infrastructure, including four-lane road, 220 KV power and 10 cusecs of water at government cost apart from 20 per cent extra capital investment subsidy over and above the entitlement provisioned in IPR, 2022.