 "JSW Group commits to its Rs 40,000 crore EV project in Odisha, amid rumors of relocating to Maharashtra, despite delays.")
The JSW Group has confirmed it is not withdrawing its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha, despite media reports suggesting a shift to Maharashtra. Ranjan Nayak, an executive from the company, emphasized their commitment to the original plan, which includes setting up a significant manufacturing facility and related units in Naraj and Paradip. The project, announced in February 2024, involves a 50 GWH battery plant, lithium refinery, and copper smelter. Odisha’s Industries Minister, Sampad Swain, noted ongoing discussions with JSW for project implementation, highlighting a delay in land allocation but reaffirming the government’s dedication to attracting major investments for industrial growth in the state.
JSW Group Stays Committed to Rs 40,000 Crore EV Project in Odisha
In a recent statement, JSW Group clarified that it is not withdrawing its ambitious Rs 40,000 crore electric vehicle (EV) and battery manufacturing project from Odisha. This announcement comes in response to rumors suggesting that the company intends to shift the project to Maharashtra.
Ranjan Nayak, the executive vice president of JSW’s corporate strategy, emphasized that the company remains committed to its plans in Odisha. Earlier this year, on February 10, 2024, JSW signed a memorandum of understanding (MoU) with the Odisha government to launch an integrated EV and battery manufacturing initiative in the state.
The project is set to establish a 50 GWH EV battery plant, along with various component manufacturing units, a copper smelter, and a lithium refinery in Naraj, Cuttack district, and Paradip, Jagatsinghpur district. The Odisha government previously approved a special incentive package to support JSW’s investment.
In light of the recent media speculation, Odisha Industries Minister Sampad Swain stated that the state government is in discussions with JSW to ensure the project moves forward. He also mentioned that despite initial delays, the new BJP government has attracted significant investments across multiple sectors, highlighting their dedication to rapid industrial growth in Odisha.
As JSW Group continues its endeavors, stakeholders and residents await further developments regarding this major investment that promises to boost the local economy and employment opportunities.
Tags: JSW Group, Electric Vehicles, Odisha Investment, EV Project, Manufacturing Industry, Renewable Energy
-
What is the JSW group planning to do in Odisha?
JSW group is moving forward with a plan to invest Rs 40,000 crore in an electric vehicle project in Odisha. -
Will JSW group cancel the investment in Odisha?
No, JSW group has confirmed that they are not withdrawing from the Rs 40,000 crore EV project in Odisha. -
Why is the investment in the EV project important?
This investment is important because it will create jobs and boost the local economy in Odisha through the development of electric vehicles. -
When will the JSW group’s project start?
The exact start date for the project has not been announced yet, but JSW is committed to moving forward as planned. - What benefits will the EV project bring to Odisha?
The EV project will bring benefits like new job opportunities, advancements in clean energy technology, and support for the environment by promoting electric vehicles.
 "M2P Fintech secures Rs 850 crore funding, eyes expansion in Africa’s growing fintech landscape and strengthening operations in Asia.")
