The JSW Group has inked a Rs 40,000 crore agreement with the Odisha government to establish electric vehicle (EV) and EV battery facilities in Cuttack and Paradip.

The JSW Group has entered into a significant agreement valued at Rs 40,000 crore with the Odisha government to establish an electric vehicle (EV) and electric vehicle battery manufacturing initiative in Cuttack and Paradip. This memorandum of understanding was formalized on February 10.

Under this agreement, the company intends to allocate Rs 25,000 crore for the construction of an electric vehicle and battery manufacturing complex in Cuttack, with the remaining Rs 15,000 crore earmarked for an EV components manufacturing facility in Paradip. The comprehensive project encompasses a 50 GWH EV battery plant, electric vehicles assembly, a lithium refinery, a copper smelter, and associated component manufacturing units. It is anticipated to generate over 11,000 employment opportunities, marking a significant boost in job creation within the state. Moreover, the initiative is poised to stimulate job creation in ancillary and support sectors, as well as foster the development of micro, small, and medium-sized enterprises (MSMEs), thereby unlocking various opportunities in the automotive component supply chain and service sector.

Odisha's Chief Minister, Naveen Patnaik, expressed the state's commitment to capitalizing on the potential of emerging sectors to create high-skill employment avenues for its residents. Through collaboration with the JSW Group, the state aims to cultivate an environment where innovation drives industrial growth, ensuring that Odisha's youth have access to skill-building opportunities and employment prospects that will shape the future economy.

Sajjan Jindal, Chairman of the JSW Group, emphasized the longstanding relationship between the company and Odisha, highlighting the venture as a milestone in their journey. He reiterated the group's dedication to the state's development and prosperity. By integrating their operations within Odisha's dynamic ecosystem, they aspire to establish a mutually beneficial partnership that fosters growth, innovation, and the creation of numerous high-skilled job opportunities. This initiative underscores their belief in Odisha's potential and their commitment to making positive contributions to its economic landscape.