JSW Group, a renowned conglomerate, has recently partnered with the Government of Odisha to launch a groundbreaking project in Cuttack and Paradip. With an impressive investment of INR 40,000 crore, this project aims to establish an electric vehicle (EV) and EV battery manufacturing facility. Not only will this initiative fuel the growth of the EV industry, but it will also address the pressing issue of job creation in the region.
By setting up this state-of-the-art manufacturing plant, JSW Group aims to generate over 11,000 job opportunities. This move is expected to have a significant impact on employment rates and stimulate economic growth in the state of Odisha. In addition to direct employment, the project will also create numerous job opportunities in the ancillary and support services sector. This will lead to the development of micro, small, and medium enterprises (MSMEs), which in turn will have a ripple effect on the overall economy.
This collaboration between JSW Group and the Odisha Government comes after their successful joint venture with China’s SAIC Motor. Together, they are focused on fostering green mobility and advancing the electric vehicle ecosystem in India. With a 35% stake in this new Indian joint venture, JSW Group is demonstrating its commitment to sustainable and eco-friendly transportation solutions.
China’s SAIC Motor, although already present in India through its fully-owned unit MG Motor India, has faced challenges in expanding its presence due to increased scrutiny on Chinese investments by the Indian government. However, with the support of JSW Group and this latest partnership with the Odisha Government, SAIC Motor is poised to make significant progress in the Indian market.
The establishment of the EV and EV battery manufacturing project in Cuttack and Paradip will not only enhance the state’s industrial landscape but also contribute to the development of a robust auto component supply chain and services sector. This initiative by JSW Group reflects their vision to revolutionize the EV industry, promote job creation, and drive sustainable economic growth in the region.
The source of the article is from the blog regiozottegem.be