JSW Group and the government of Odisha have entered into a memorandum of understanding (MoU) for an ambitious electric vehicle (EV) and EV battery manufacturing project in Cuttack and Paradip.The mega project involves a substantial investment of Rs 40,000 Crore by JSW Group and aims to establish world-class advanced technology-based facilities, including a 50 GWH EV battery plant catering to both mobility and energy storage systems.
The comprehensive project encompasses commercial e-vehicles, passenger electric cars, auto components like e-powertrain, lithium refineries, copper smelter, and related manufacturing units. The investment plan allocates Rs 25,000 Crore for the electric vehicle and battery manufacturing complex in Cuttack, while Rs 15,000 Crore will be directed towards the EV components manufacturing facility in Paradip.
The JSW Group highlighted that the project will not only boost Odisha's industrial growth but also significantly contribute to India's EV manufacturing capabilities.
JSW Steel Limited, a flagship company of JSW Group, is an Indian multinational steel producer headquartered in Mumbai, ranking as the second-largest private sector steel company in India post-merger.
