Odisha Govt JSW Group Sign MoU For Rs 40000 Cr Integrated EV Manufacturing Facility
Key Points
The Odisha government and JSW Group on Saturday signed a nemorandum of understanding to set up an integrated EV manufacturing facility in the State entailing an investment of Rs 40,000 crore, officials said.
New Delhi, Feb 10: The Odisha government and JSW Group on Saturday signed a memorandum understanding to set up an integrated EV manufacturing facility in the State entailing an investment of Rs 40,000 crore, officials said.
In a landmark move set to strengthen #Odisha's position in the electric vehicle (EV) sector, @TheJSWGroup has signed an MoU with the #Odisha Government for establishment of an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project at #Cuttack and #Paradip.… pic.twitter.com/CrVaD3N2yp
— CMO Odisha (@CMO_Odisha) February 10, 2024
Speaking on the occasion, Chief Minister Naveen Patnaik said that the day marks a great leap forward in the State's journey towards industrial excellence and sustainable development. Powered by the 5T initiative, CM continued, Odisha is on a steady path of transformation.
Patnaik also mentioned that the establishment of JSW Group’s Electric Vehicle manufacturing unit is a testament to state's evolving industrial landscape. This strategic move underscores the state's commitment to sustainable development, and thereby, positioning Odisha as a pivotal player in India, he added.
In a statement, the conglomerate said “It plans to establish an integrated EV manufacturing facility in Odisha, and has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project at Cuttack and Paradip”.
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✨Once completed, the project will mark JSW Group’s foray into the automobile space. The project, with an investment of Rs 40,000 crore, will help create over 11,000 jobs, marking a significant growth in employment generation in the state, the Group said.
The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units.
This initiative is expected to not only enhance Odisha’s industrial landscape but also contribute significantly to India’s EV manufacturing capabilities, officials added.
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