JSW Group sign a Rs 40,000 crore MoU for Integrated Electric Vehicle (EV) & EV Battery manufacturing project
JSW Group sign a Rs 40,000 crore MoU for Integrated Electric Vehicle (EV) & EV Battery manufacturing project

JSW Group sign a Rs 40,000 crore MoU for Integrated Electric Vehicle (EV) & EV Battery manufacturing project

February 10, 2024
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The JSW Group, in collaboration with the Odisha government, has formally entered into a Memorandum of Understanding (MoU) to establish an extensive Integrated Electric Vehicle (EV) & EV Battery manufacturing project. This transformative initiative involves an investment of Rs 40,000 crore in the state of Odisha.

Let’s get into the details of this MOU signed by JSW group and Odisha:

EV by Tata motors

Project Details:

In Naraj, Cuttack district, JSW plans to establish an EV vehicle and component manufacturing plant. In Paradip, Jagatsinghpur district, the project encompasses a copper smelter and lithium refinery, including a 50 GWH EV battery plant, EV manufacturing unit, lithium refinery, copper smelter, and related component manufacturing facilities. The MoU follows the state cabinet’s recent approval of a special incentive package, reflecting the government’s commitment to supporting JSW Group’s EV and component manufacturing projects.

Speaking on the occasion, Chief Minister Naveen Patnaik said:

“This day marks a great leap forward in the state’s journey towards industrial excellence and sustainable development. Powered by the 5T (transformational) initiative, Odisha is on a steady path of transformation. The establishment of the JSW Group’s Electric Vehicle manufacturing unit is a testament to our state’s evolving industrial landscape. This strategic move underscores our commitment to sustainable development, thereby, positioning Odisha as a pivotal player in India.”  

The Chief Minister envisions that this project will not only uplift the livelihoods of thousands of families but also make a substantial contribution to the socio-economic development of Odisha. Additionally, it is anticipated to act as a catalyst for the growth of Micro, Small, and Medium Enterprises (MSMEs), playing a pivotal role in nurturing a vibrant ecosystem of ancillary industries. The Chief Minister highlighted the project as a significant milestone, marking Odisha’s notable entry into the continually expanding automobile industry sector in India.

Economic and Societal Impact:

The project is expected to create over 10,000 jobs, contributing significantly to employment generation in the state. The initiative aims to catalyze MSME growth, fostering the development of a robust ecosystem of ancillary industries.

JSW Group’s Decision and Vision:

JSW Group Chairman, Sajjan Jindal, expressed confidence in Odisha’s potential to become a One Trillion Dollar economy. The choice of Odisha for the first EV unit is attributed to the state’s stable leadership, unparalleled government support, and a resourceful skill ecosystem. He emphasized the company’s long-standing relationship with Odisha and its people, considering it the foundation of this new venture. He sees this project as a milestone, reflective of JSW Group’s unwavering commitment to the state’s development and prosperity. 

Opportunities for EV and EV Components Manufacturing Units in Odisha

In Odisha, the opportunities for electric vehicle (EV) and EV components manufacturing units are marked by streamlined processes, offering a seamless experience for businesses. With access to 54 industrial services spanning 18 departments, companies can navigate approvals and permits efficiently, ensuring a swift setup process within just 30 days. The state government of Odisha will provide robust infrastructure support to bolster the growth of the EV sector, ensuring industry-grade water and power facilities right at the factory gate. Moreover, the state government will actively invest in road connectivity at the factory gate, further facilitating convenient accessibility. Additionally, strategic connectivity services at key locations such as Paradip, Gopalpur, and Dhamra will further position  Odisha as an attractive hub for the thriving EV and EV components manufacturing sector. 

Incentives for EV and New Age Industries in Odisha

The Government of Odisha, through its Industrial Policy Resolution 2022, presents compelling incentives for the manufacturing of Electric Vehicles (EVs) and other emerging industries. The incentives are:

30% Capital Investment subsidy with no upper cap
100% Exemption from electricity duty and Rs. 2/ unit power subsidy for 10 years
100% Reimbursement of employer contribution towards ESI AND EPF scheme for 7 years 
100% Reimbursement of net SGST paid, overall limited to 200% of the cost of plant and machinery
50% for environment-friendly infrastructure. 

The post JSW Group sign a Rs 40,000 crore MoU for Integrated Electric Vehicle (EV) & EV Battery manufacturing project appeared first on E-Vehicleinfo.

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