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JSW Group, Odisha govt collaborate for Rs 400 bn EV, Battery manufacturing project
Industry News- Feb 12,24
The state cabinet's recent approval of a special incentive package for JSW Group's EV and component manufacturing projects paved the way for the MoU signing.
JSW Group and the Odisha government have inked a memorandum of understanding (MoU) to establish an integrated electric vehicle (EV) and EV battery manufacturing project in the state, involving a substantial investment of Rs 400 billion. The proposed project, located in Naraj, Cuttack district, encompasses an electric vehicle and component manufacturing plant, along with a copper smelter and lithium refinery. The facilities include a 50 GWH EV battery plant, EV manufacturing unit, lithium refinery, copper smelter, and related component manufacturing units in Paradip, Jagatsinghpur district.
The state cabinet's recent approval of a special incentive package for JSW Group's EV and component manufacturing projects paved the way for the MoU signing. Chief Minister Naveen Patnaik highlighted the significance of this development, stating that it signifies Odisha's progress in industrial excellence and sustainable development under the 5T initiative. The project is expected to create over 10,000 jobs, contributing significantly to employment generation and the state's industrial growth.
JSW Group Chairman Sajjan Jindal emphasised the project as a milestone in the group's commitment to the state's development, expressing confidence in Odisha's potential to become a 'Trillion Dollar' economy. The state's streamlined approval process for EV and EV component manufacturing, completed within 30 days, is highlighted, along with active government investments in road connectivity at the factory gate and strategic locations like Paradip, Gopalpur, and Dhamra.
Odisha's Industrial Policy Resolution 2022 provides incentives for the manufacturing of electric vehicles and emerging industries, positioning the state as an attractive hub for EV and EV component manufacturers.
Source: Domain B
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