Two months after forming a strategic joint venture with China’s Saic Motors, the JSW Group has inked an agreement with the state of Odisha to inject Rs 40,000 crore into the establishment of an electric vehicle (EV) plant. Sajjan Jindal, Chairman and Managing Director of JSW Group, unveiled the company’s ambitious blueprint to manufacture top-tier batteries and electric vehicles at competitive prices akin to traditional combustion engines.
JSW formed a strategic joint venture with China’s SAIC Motor, securing a 35 per cent stake in MG Motor India. MG Motor India, an offshoot of the Chinese auto giant, possesses the renowned British automotive brand, Morris Garages, positioning the alliance to spearhead green mobility endeavors.
Expected to accelerate the advancement of sustainable transportation, the partnership commits to enhancing several aspects, such as improving local sourcing, refining charging infrastructure, expanding production capacity, and offering a diverse range of vehicles customized to meet green mobility goals.
This initiative is scheduled to be implemented in Cuttack and Paradeep, as the JSW Group chooses Odisha over competing states, driven by an extensive array of incentives. This endeavor includes the establishment of a 50 GWH EV battery plant, EV manufacturing facilities, a lithium refinery, a copper smelter, and ancillary component production units. Projections indicate that this venture will create a large number of job opportunities, with expectations of creating over 11,000 positions.
The initiative will create additional job opportunities, spur growth in MSMEs, and open up numerous possibilities within the automotive component supply chain and service sector. Sajjan Jindal reaffirmed the group’s steadfast dedication to advancing Odisha, emphasizing the project’s significance as a crucial milestone in nurturing shared prosperity.
Through integrating operations within Odisha’s vibrant ecosystem, the JSW Group expects this relationship only benefits stakeholders, stimulates innovation, and cultivate a pool of highly skilled employment opportunities.
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