– Signs MoU with Government of Odisha
– An investment of Rs 40,000 crore
JSW Group has signed a Memorandum of Understanding (MoU) with the Government of Odisha to establish an integrated electric vehicle (EV) and EV battery manufacturing project at Cuttack and Paradip. With an investment of Rs 40,000 crore, JSW will install a 50GWh EV battery plant, a lithium refinery, copper smelter and related component manufacturing units in the state of Odisha.
In the investment phase, the project will focus on developing the new battery technology and will be the world’s largest single-location project in the sector. Not only will this be an EV development project, but it will also serve as an energy storage system. The OEM plant for EVs and components will also be integrated into the same plant. The components manufacturing plant will be able to serve over one lakh commercial EVs and around three lakh passenger EVs per annum. The plant will also have a copper smelter with a capacity of one million tonnes per annum (mtpa) while the lithium-ion capacity is stated to be around 60,000 tonnes per annum. An R&D centre will also be set up at the location for studying newer technologies.
The project will help create over 11,000 jobs, asserts JSW. The plant will also spur employment generation in ancillary and support services. Moreover, the MSME sector will also benefit from this investment as it will open opportunities in the auto component supply chain and services sector.