JSW Group has signed a Memorandum of Understanding (MoU) with the Odisha Government to establish an integrated electric vehicle (EV) and EV battery manufacturing project in Cuttack and Paradip. With an investment of Rs 40,000 crore, JSW will set up a 50GWh EV battery plant, a lithium refinery, a copper smelter, and related component manufacturing units in the state of Odisha.
During the investment phase, the project will focus on developing new battery technology and will be the largest project in the sector at a single location in the world. This project will not only focus on the development of electric vehicles but will also provide an energy storage system. The OEM plant for electric vehicles and components will also be integrated into the same facility.
The component manufacturing plant will be capable of serving more than one lakh commercial electric vehicles and around three lakh electric passenger vehicles per year. The plant will also feature a one million ton per year copper smelter, while the lithium capacity is estimated at around 60,000 tons per year. A research and development (R&D) center will also be established at the location to study new technologies.
According to JSW, the project will help create more than 11,000 jobs. The plant will also drive job generation in auxiliary and support services. Additionally, the SME sector will also benefit from this investment as it will open up opportunities in the automotive component supply chain and the services sector.