JSW Group to Invest INR 40,000 Crore in EV Manufacturing Unit in Odisha
The proposed projects are expected to be a game-changer for the state's industrial landscape, attracting investments exceeding INR 40,000 crore.
January 23, 2024. By Abha Rustagi
Odisha Chief Secretary Pradeep Kumar Jena revealed that the State Cabinet has approved a special incentive package to support these transformative projects, marking Odisha's foray into the electric vehicle manufacturing sector.
The proposed projects are expected to be a game-changer for the state's industrial landscape, attracting investments exceeding INR 40,000 crore and generating employment opportunities for over 11,000 individuals.
JSW Group's ambitious proposal includes the establishment of an EV and EV battery manufacturing project in Naraj, Cuttack. The company plans to construct an original equipment manufacturing (OEM) plant for EVs and components at the same location in two phases, involving a significant investment of INR 25,000 crore and creating employment for more than 4,000 people.
In the third phase of expansion into the new-age sector, JSW envisions setting up an EV components manufacturing complex, incorporating a copper smelter and a lithium smelter, at Paradip.
For this phase, an additional investment of INR 15,000 crore is planned, contributing to the employment of over 7,000 individuals.
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