JSW Group’s Rs 40,000 crore Strategic Investment in Odisha’s EV Sector: Driving Sustainable Growth and Job Creation.
The project, which includes the establishment of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter, and related component manufacturing units, is set to create 11,000 jobs and will be the largest-ever automotive investment in the region.
The memorandum of understanding was signed between JSW Group and the Odisha government, with the manufacturing facilities expected to begin construction by the end of the year.
The project aims to have manufacturing capacities for electric commercial vehicles (100,000 units per annum) and electric passenger vehicles (300,000 units per annum), with actual production estimated to begin in FY27.
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Commenting on the collaboration, Odisha chief minister Naveen Patnaik expressed his belief in the potential for innovation and economic growth, stating that the partnership will provide access to new skills and job opportunities.
Chairman of JSW Group, Sajjan Jindal, emphasized the importance of the company’s relationship with Odisha, stating that the new venture aims to foster growth, innovation, and job creation.
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JSW Ventures Singapore recently received approval for acquiring up to 35% of the share capital of MG Motor India, further expanding the company’s presence in the EV sector.
While Tata Motors currently dominates India’s electric passenger vehicle market, JSW Group is positioning itself to compete in the burgeoning EV segment.
India’s EV penetration is projected to reach 30% by 2030, translating to over 2 million units, according to the Rocky Mountain Institute. JSW Group aims to make a strategic entry into the EV space and contribute to the country’s growing EV market.
JSW Group’s partnership with the Odisha government and their strategic investments in the EV sector demonstrate their long-term vision and commitment to driving innovation and growth in the automotive industry.
As India’s EV market continues to expand, JSW Group’s entry into this space will undoubtedly contribute to the country’s transition towards sustainable mobility solutions.
