JSW Group and the Odisha government have signed a Memorandum of Understanding (MoU) for an ambitious electric vehicle (EV) and EV battery manufacturing project in Cuttack and Paradip. This mega project involves a substantial investment of Rs 40,000 Crore by JSW Group and aims to establish world-class advanced technology facilities, including a 50 GWH EV battery plant that will serve both mobility and energy storage systems.
This comprehensive project encompasses electric commercial vehicles, electric passenger cars, automotive components such as electric powertrains, lithium refineries, copper smelters, and related manufacturing units. The investment plan allocates Rs 25,000 Crore for the electric vehicle and battery manufacturing complex in Cuttack, while Rs 15,000 Crore will go towards the EV component manufacturing facility in Paradip.
JSW Group highlighted that this project will not only drive the industrial growth of Odisha but also significantly contribute to EV manufacturing capabilities in India.
JSW Steel Limited, a flagship company of JSW Group, is an Indian multinational steel producer headquartered in Mumbai, ranking as India’s second-largest private steel company after the merger.
This exciting collaboration between JSW Group and the Odisha government promises to have a transformative impact on the electric vehicle manufacturing industry in India. With such significant investment and the promise of cutting-edge technology, this partnership is destined to further strengthen JSW Group’s position as a market leader in steel and expand its influence in the electric vehicle sector.
To learn more about JSW Group, you can visit their website: www.jsw.in