JSW Group Confirms Commitment To Rs 40,000 Cr EV Project In Odisha

The JSW group has clarified that it is not withdrawing its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha, despite media speculation about a potential shift to Maharashtra. Ranjan Nayak, executive vice president of corporate strategy, reassured that the company remains committed to the project.

This confirmation follows reports suggesting that the JSW group might relocate its EV and battery manufacturing plans from Odisha. The company had previously signed a memorandum of understanding with the Odisha government on February 10, 2024, to establish an integrated EV and battery manufacturing facility.

The project involves setting up an EV vehicle and component manufacturing plant in Naraj, Cuttack district, alongside a copper smelter and lithium refinery in Paradip, Jagatsinghpur district. It includes a 50 GWh EV battery plant and associated component manufacturing units.

The memorandum of understanding was facilitated by a special incentive package approved by the state cabinet to support the group’s ambitious plans. Odisha Industries Minister Sampad Swain stated that the state government is actively engaging with the JSW group to ensure the successful implementation of the EV project.