The JSW Group to Invest Rs 40000 Crore to Setup EV manufacturing facility in Odisha, India.
The proposed plant will boost electric mobility and sustainable manufacturing in the state. JSW signed a memorandum of understanding (MoU) with the Odisha government during the recent Make in Odisha conclave.
JSW Chairman Sajjan Jindal shared details on the landmark investment, stating:
“The project will aid manufacturing of EVs, batteries, and even hydrogen fuel cells in line with India’s green mission. Our plan aligns with Odisha’s vision of becoming a leading state for promoting green energy and industrial development.”
The MoU proposes an integrated EV production complex spread over 1,000 acres in the Dhenkanal district of Odisha. The facility will encompass an end-to-end manufacturing ecosystem for EVs including battery production.
How Odisha Will Benefit from JSW’s EV Project
According to the official release, JSW’s new EV manufacturing plant will create major benefits for Odisha:
- Direct investment of Rs 40,000 crore over 10 years for the integrated complex
- Generate employment for over 20,000 people directly and indirectly
- Attract ancillary manufacturers and suppliers with a projected investment of Rs 20,000 crore
- Make Odisha an EV manufacturing hub and contribute to creating a climate-friendly economy
- Align with the state’s new EV policy and renewable energy goals
Chief Minister of Odisha Naveen Patnaik expressed enthusiasm about the development:
“Odisha is fast emerging as a major destination for setting up green energy projects. JSW’s proposed investment will create enormous job opportunities and significantly contribute to our state’s economy.”
India’s Push for Electric Mobility
JSW’s massive EV production facility aligns with the Indian government’s greater electric mobility push.
Prime Minister Narendra Modi has set a target for India to reach 30% EV adoption for private vehicles, 70% for commercial vehicles, and 80% for two and three-wheelers by 2030.
To enable this green transition, India approved a $3.5 billion incentive program in 2021 for boosting domestic EV and hydrogen fuel production over five years.
Several states like Gujarat, Maharashtra, and Karnataka have also rolled out dedicated EV policies offering incentives for manufacturers.
JSW Group’s Foray into EVs
The proposed Odisha plant marks the JSW Group’s first major foray into EV manufacturing. However, it builds on the company’s experience with green technology.
JSW Steel manufactures high-grade auto steel used by EV makers like Tesla and Ford. It also has plans to transition steel production to renewable energy.
JSW Energy, part of the conglomerate, generates wind, solar, and hydropower across states from renewable sources. JSW Cement produces its entire 4.5 million tonne capacity using green power.
JSW Neo Energy, the group’s renewable energy arm, aims to reach 20 gigawatts of capacity by 2030, including utility-scale battery projects.
Chairman Sajjan Jindal aims to capitalize on this expertise stating, “JSW Group is at the forefront of decarbonization and creating a greener future. Our EVs project in Odisha will further strengthen our first-mover position in sustainable and climate-friendly businesses.”
With its background in steel, energy, and cement, JSW has the diverse capabilities required to build large-scale EV manufacturing that can transform mobility in India.