JSW Group, Odisha govt tie up for Rs 40,000 cr integrated EV manufacturing facility

NEW DELHI: JSW Group has signed an agreement with the Odisha government to set up an integrated EV manufacturing facility in the state entailing an investment of Rs 40,000 crore.

One completed, the project will mark JSW Group’s foray into the automobile space.

As per its homepage, the USD 23 billion Group is into core sectors like steel, energy, cement, infrastructure, paints, ventures, and sports.

In a statement, the conglomerate said “it plans to establish an integrated EV manufacturing facility in Odisha, and has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project at Cuttack and Paradip”.

The project, with an investment of Rs 40,000 crore, will help create over 11,000 jobs, marking a significant growth in employment generation in the state, the Group said.