JSW Group is set to establish an integrated electric vehicle (EV) plant and battery gigafactory in Cuttack, Odisha, marking its strategic entry into the state with an investment of Rs 40,000 crore. This monumental project will also include operations in Paradip and is projected to create employment opportunities for approximately 11,000 individuals.

While Cuttack has been identified for the EV and battery manufacturing units, Paradip will witness the establishment of a copper smelter and lithium refinery. This significant initiative by the JSW Group represents Odisha's inaugural foray into the automobile manufacturing sector and stands as the largest automotive industry investment in both the state and the broader eastern region of India.

Mr. Naveen Patnaik, Chief Minister of Odisha, hailed this development as a milestone in the state's industrial evolution. He remarked that JSW Group's decision to establish its EV manufacturing unit in Odisha showcases the state's commitment to sustainable growth and solidifies its position as a key player in India's industrial landscape.

Taking to social media, the Chief Minister highlighted the project's potential to stimulate the growth of Micro, Small, and Medium Enterprises (MSMEs), fostering a dynamic ecosystem of supporting industries. He emphasized that the project's establishment will not only create 11,000 direct jobs but will also catalyze employment opportunities in ancillary sectors, thereby unlocking a multitude of prospects within the automotive component supply chain and service industry.

Mr. Sajjan Jindal, Chairman of the JSW Group, cited Odisha's stable governance, unparalleled industrial support, and robust skill ecosystem as pivotal factors in the Group's decision to choose the state for its maiden EV unit.

This new venture signifies the JSW Group's strategic expansion into eastern India, adding to its diverse portfolio that spans sectors such as steel, energy, infrastructure, cements, paints, venture capital, and sports. As one of India's premier business conglomerates, the Group, with operations across India, the US, Europe, and Africa, employs close to 40,000 professionals.

Odisha offers a comprehensive incentive framework to encourage EV manufacturing and emerging industries. These incentives encompass a 30% capital investment subsidy without an upper limit, 100% exemption from electricity duty, a Rs 2 per unit power subsidy for a decade, a 50% incentive for eco-friendly infrastructure, and 100% reimbursement of State Goods and Services Tax (SGST) paid, capped at 200% of the plant and machinery cost.

According to Vahan data as of December 2023, Odisha recorded over 81,000 EVs on its roads, including 70,813 e-two-wheelers, 8,369 e-three-wheelers, 1,860 passenger vehicles, and 51 electric buses.

The signing of this MoU follows the Competition Commission of India's recent approval for JSW's proposed acquisition of up to a 38% stake in MG Motor India.

In a pioneering move in December 2021, the Mumbai-based JSW Group introduced the JSW Electric Vehicle (EV) Policy, offering incentives of up to Rs 300,000 for Group employees to purchase electric vehicles. This initiative, aimed at promoting EV adoption within the Group, also includes the provision of complimentary dedicated charging stations and green zones (parking slots) for electric vehicles at all JSW offices and plant locations.