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The JSW Group has not “withdrawn” its proposed ₹40,000 crore electric vehicle (EV) and battery project from Odisha, stated a senior company official on September 24.
This clarification followed reports in a section of the media that the JSW Group intended to relocate its EV and battery project from Odisha to Maharashtra.
In response to these reports, Ranjan Nayak, Executive Vice President of Corporate Strategy, Office of the Chairman and Managing Director, affirmed, “JSW group is not withdrawing its proposed 40,000 Cr electric vehicle (EV) and battery manufacturing project from Odisha”.
On February 10, 2024, the JSW Group entered into a memorandum of understanding with the Odisha government to set up an integrated EV and EV battery manufacturing project, with an investment of ₹40,000 crore in the state.
The plan included establishing an EV vehicle and component manufacturing plant at Naraj in Cuttack district, and a copper smelter and lithium refinery at Paradip in Jagatsinghpur district. The project encompasses a 50 GWh EV battery plant, an EV, a lithium refinery, a copper smelter, and associated component manufacturing units.
The MoU was signed subsequent to the state cabinet’s approval of a special incentive package for the group’s ambitious EV and component manufacturing projects.
Related Post: JSW moves Rs 40,000 crore EV initiative to Maharashtra from Odisha
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