JSW Group, a steel and energy conglomerate, has announced plans to allocate 400 billion rupees ($4.82 billion) towards the development of battery and electric vehicle (EV) manufacturing facilities in the Indian state of Odisha. The investment initiative, outlined in a memorandum of understanding (MoU) with the local government, encompasses the establishment of a state-of-the-art battery factory with a targeted production capacity of 50 gigawatt-hours (GWh).
According to a joint statement issued by JSW Group and the Odisha state government, the MoU also outlines plans for the creation of an Integrated Electric Vehicles And EV Battery Manufacturing Project across two cities. Cuttack has been identified as the proposed location for the EV and battery manufacturing complex, while Pradip is slated to host an EV components manufacturing facility. Additionally, the project will include the construction of a lithium refinery, copper smelter, and associated manufacturing infrastructure.
We're thrilled to partner with the #Odisha Government for a groundbreaking Integrated #ElectricVehicles (EV) & EV battery manufacturing project in Cuttack and Paradip, backed by an investment of Rs 40,000 crore! This will help to create innovation and job opportunities, with over… pic.twitter.com/umtQ0Xi5NB
— JSW Group (@TheJSWGroup) February 10, 2024
The collaboration is expected to generate approximately 11,000 employment opportunities in Odisha, contributing significantly to the region's economic growth and development.
Commenting on the initiative, Sajjan Jindal, Chairman of JSW Group, hailed the project as a significant milestone that underscores the company's commitment to fostering the economic prosperity of Odisha. Jindal emphasized JSW's confidence in Odisha's potential for growth and its dedication to making positive contributions to the state's economic landscape.
JSW Group, which operates multiple facilities in Odisha and is recognized for its diversified portfolio spanning cement and energy sectors, has previously ventured into the electric transport domain. Last November, the conglomerate established a joint venture with China's SAIC Motor to advance the electric vehicle ecosystem in India.
Regarding battery manufacturing, JSW Group has been actively exploring partnerships and collaborations. In September 2023, reports emerged of discussions between JSW and LG Energy Solution (LGES) to collaborate on the construction of a battery cell factory. The proposed facility, initially targeting an annual capacity of 8 GWh, with the potential for expansion to 20 GWh in subsequent phases, underscores JSW's strategic focus on advancing battery technology and supporting the growth of the electric mobility sector.