JSW to Set Up EV Plant in Odisha

219 0

This project includes the construction of a 50 GWH EV battery facility, EV manufacturing plants, a lithium refinery, a copper smelter, and ancillary component production units.

Exactly a couple of months after launching a strategic joint venture with China’s Saic Motors, the JSW Group reached an agreement with the government of Odisha to invest Rs 40,000 crore in developing an electric vehicle (EV) plant.

In this endeavour, Sajjan Jindal, chairman and managing director of JSW Group, outlined the company’s ambitious plan to produce high-quality batteries and electric vehicles at comparable prices to traditional combustion engines.

JSW established a strategic joint venture with China’s SAIC Motor, acquiring a 35% interest in MG Motor India. MG Motor India, a subsidiary of the Chinese automaker, owns the famed British automobile brand Morris Garages, allowing the collaboration to lead green mobility initiatives.

 

The partnership, which is expected to accelerate the advancement of sustainable transportation, commits to bettering several aspects, including local sourcing, refining charging infrastructure, expanding production capacity, and providing a wide variety of vehicles customised to accomplish green mobility goals.

This plan is set to be executed in Cuttack and Paradeep, as the JSW Group chose Odisha over other states based on a variety of incentives. This project includes the construction of a 50 GWH EV battery facility, EV manufacturing facilities, a lithium refinery, a copper smelter, and ancillary component production units. According to projections, this initiative will produce many work opportunities, with more than 11,000 positions expected.

The project will generate new job opportunities, boost MSMEs’ growth, and offer multiple prospects in the automotive component supply chain and service sector. Sajjan Jindal underlined the group’s unwavering commitment to improving Odisha, emphasising the project’s importance as a critical step towards fostering shared prosperity.

The JSW Group hopes that integrating activities inside Odisha’s thriving ecosystem will benefit stakeholders, encourage innovation, and foster a pool of highly skilled job prospects.

Source: Esgtimes.in

Related Post

Leave a comment

Your email address will not be published. Required fields are marked *