Bhubaneswar: A senior official from the JSW group stated on Tuesday that the company is not retracting its planned Rs 40,000 crore electric vehicle (EV) and battery project from Odisha. The company made the announcement following media reports that the JSW group intends to move its EV and battery project from the eastern state to Maharashtra. Inquired about news reports, Ranjan Nayak, executive VP of corporate strategy at the office of the chairman and managing director, stated, "We have no plans to pull out the EV and battery project from Odisha."
On February 10, 2024, the JSW group signed an agreement with the government of Odisha to set up an integrated electric vehicle and EV battery manufacturing project, investing Rs 40,000 crore in the state. The JSW group had a proposal to build an EV vehicle and component manufacturing plant in Naraj, Cuttack district, and a copper smelter and lithium refinery in Paradip, Jagatsinghpur district. The project includes a 50 GWH EV battery factory, EVs, lithium processing plant, copper smelter, and associated component production facilities.
The memorandum office understanding was signed following the state cabinet's approval of a unique incentive package for the group's extensive EV and component manufacturing initiatives. In the midst of media speculation regarding the company's intention to transfer its project to Maharashtra, Odisha Industries Minister Sampad Swain stated on Tuesday that the state government was in discussions with the JSW group to carry out the EV project in the state.
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