JSW Group to invest Rs 40,000 crore in EV & battery plant

JSW Group plans to set up EV and battery manufacturing units in Cuttack and Paradip.

The JSW Group has announced its plans to invest Rs 40,000 crore in the state of Odisha to set up electric vehicle and battery manufacturing units.

The JSW Group recently signed a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of an Integrated Electric Vehicles and EV Battery Manufacturing Project at Cuttack and Paradip. The project consists of a 50 GWh EV battery plant, EVs, Lithium refinery, Copper smelter and related component manufacturing units.

According to the company, the project will help create over 11,000 jobs in the state. It will promote the development of MSMEs and create opportunities in the auto component supply chain and services sector. 

In December last year, JSW Group signed an agreement with China's SAIC Motor to acquire a 35% stake in MG Motor India. SAIC will continue supporting the joint venture with technology and products as part of the deal.