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JSW Group confirms Rs 400 billion EV project will stay in Odisha
Industry News- Sep 26,24
The original plan involved setting up an EV vehicle and component manufacturing plant in Naraj, Cuttack district, and a copper smelter and lithium refinery in Paradip, Jagatsinghpur district.
JSW Group clarified that it is not shifting its Rs 400 billion electric vehicle (EV) manufacturing project from Odisha to Maharashtra, as speculated in recent reports. The company reaffirmed its commitment to the state, where it had signed an MoU in February to establish an EV and battery manufacturing facility in Cuttack and Paradip.
Earlier, there were reports suggesting that the company was considering relocating the project to Aurangabad and Nagpur in Maharashtra. The original plan involved setting up an EV vehicle and component manufacturing plant in Naraj, Cuttack district, and a copper smelter and lithium refinery in Paradip, Jagatsinghpur district.
Ranjan Nayak, Executive Vice President of Corporate Strategy, JSW Group, addressed the rumors by stating, "We are not withdrawing from Odisha." The project includes a 50 GWh EV battery plant, along with a lithium refinery, copper smelter, and related component manufacturing units.
Odisha Industries Minister Sampad Swain also commented on the situation, saying the state government is in discussions with JSW regarding the project’s implementation. He acknowledged a delay but emphasised that the government is keen on seeing the project through. Swain added that the new BJP-led administration has secured Rs 450 billion worth of investments across various sectors within its first 100 days, signaling its focus on rapid industrialisation.
(Mint)
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