JSW Group, one of India’s leading steel and energy conglomerates, has chosen Odisha as the location for its upcoming electric vehicles (EV) and battery manufacturing project. This venture marks the company’s entry into the e-mobility sector. A memorandum of understanding has been signed between JSW and the Government of Odisha to establish the project in Cuttack and Paradip.
With an investment of ₹40,000 crore, JSW Group aims to develop various facilities as part of the project. This includes an EV battery plant, an EV complex, lithium and copper smelting units, and the production of EV-related components such as e-powertrain. The investment will be carried out in two phases.
In the initial phase, JSW will spend ₹25,000 crore on setting up a 50 GWh battery manufacturing plant and an OEM facility for EVs and components in Naraj, Cuttack. This will be the largest single-location project in the sector, catering to both energy storage systems and the e-mobility sector. The second phase will involve an investment of ₹15,000 crore to establish an EV components manufacturing complex in Paradip. This complex will eventually expand to include a copper smelter and a lithium smelter.
Odisha offers attractive incentives for the manufacturing of EVs and new-age industries. These incentives include a 30% capital investment subsidy with no upper limit, complete exemption from electricity duty, a power subsidy of Rs 2 per unit for 10 years, and a 50% incentive for environment-friendly infrastructure. The state also provides 100% reimbursement of state GST paid, up to a maximum of 200% of the cost of plant and machinery.
Odisha Chief Minister Naveen Patnaik expressed his excitement about the collaboration with JSW Group, stating that it would pave the way for innovation-driven industrial growth and create employment opportunities for the youth of Odisha. JSW Group Chairman Sajjan Jindal emphasized the company’s commitment to the state’s development and prosperity, highlighting the strong relationship between JSW and the people of Odisha as the foundation of this new venture.
The source of the article is from the blog portaldoriograndense.com