JSW Group To Invest Rs 40,000 Crore In Odisha For EV Projects

By Akash Dhiman/ Updated On Tue, Jan 23rd, 2024

Highlights :

As part of the plan under the above-mentioned investment, JSW Group has proposed to set-up an EV & EV Battery Manufacturing Project at Naraj and Cuttack while investing Rs 25,000 crore.

JSW Group To Invest Rs 40,000 Crore In Odisha For EV Projects. Photo: Pexels

Odisha government on Monday approved a special package pertaining to JSW’s projects related to electric vehicle and component manufacturing in Naraj, Cuttack and Paradip. Through these projects the JSW group will invest Rs 40,000 crore in the eastern state of Odisha.

On the approval to JSW’s investment projects in the state, Odisha CM Naveen Patnaik said, “In a major boost to Make In Odisha, the Odisha Cabinet has approved a special incentive package for JSW Group’s Electric Vehicle and component manufacturing projects in Naraj, Cuttack and Paradip.” He also said that this project has the potential to generate over 11,000 jobs in the state adding that it will usher in a new era of industrial growth and job creation in the state.

As part of the plan under the above-mentioned investment, JSW Group has proposed to set-up an EV & EV Battery Manufacturing Project at Naraj and Cuttack while investing Rs 25,000 crore. This battery manufacturing project will be of the capacity of 50 GWH. Along with that, the company will also set-up an OEM Plant for electric vehicles and various components in two different phases. In its third phase, JSW is planning to establish EV components manufacturing complex consisting of a copper smelter and a lithium smelter in Paradip with an investment of Rs 15,000 crore in the state, said Odisha Cabinet Secretary Jena.

In other news, JSW also has the plans to invest Rs 9,000 crore in Telangana with its subsidiary JSW Neo Energy setting up a Pumped Storage Project in the state. The announcement was made on the sidelines of WEF in Davos.

In November last year, JSW Steel completed the final tranche of Rs 750 crore of strategic investment in JSW Paints. The investment was planned to be made in 3-4 installments in three years to bolster JSW Paints’ expansion plans. Last month, JSW group also recived approval from Karnataka government regarding its projects related to JSW Renew Energy Four Limited which will bring Rs 4,960 crore investment and JSW Steel Limited which will bring Rs 3,804 crore investment in the southern state.