Friday, Apr 19 2024 | Time 18:01 Hrs(IST)
Business Economy

JSW signs MoU with Odisha Govt to set up Rs. 40,000 cr EV and EV battery manufacturing unit

Bhubaneswar, Feb 10 (UNI) JSW group will set up a first mega scale Integrated Electric Vehicle and EV Battery Manufacturing Project in Odisha with an investment of Rs. 40,000 crore.

A Memorandum of Understanding (MoU) in this regard was signed on Saturday between the JSW and the Odisha government for establishing an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project at Cuttack and Paradip.

Sources said that the EV Vehicle, and Component Manufacturing plants will be set up in Cuttack and copper Smelter and Lithium Refinery will be established at Paradip.

The ambitious project, with an investment of Rs 40,000 crore, will mark a significant growth in employment generation in the state.It will provide job opportunities for 10,000 youths.

The project will also spur employment generation in ancillary and support services and will catalyze MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.

Speaking on the occasion, Chief Minister Naveen Patnaik said that this day marks a great leap forward in our journey towards industrial excellence and sustainable development.

Powered by the 5T initiative, Patnaik said Odisha is on a steady path of transformation. The establishment of the JSW Group’s Electric Vehicle manufacturing unit is a testament to our state's evolving industrial landscape, he stated.

This strategic move underscores our commitment to sustainable development, and thereby, positioning Odisha as a pivotal player in India, the Chief Minister said.

He further said the project will enhance the livelihoods of thousands of families and contribute to the socio-economic upliftment of our region. It will also catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries.

The project will also herald Odisha’s significant entry into the ever growing automobile industry sector in India, he said.

JSW Group Chairman Sajjan Jindal said the company chose Odisha for its first EV unit for its stable leadership, State government’s unparalleled support to industries, besides its resources and skill ecosystem.

Odisha has all the potential to become a One Trillion Dollar economy, he said, adding that the company has a Rs 1.25 Lakh Crore Investment Plan in Pipeline for Odisha.

Among others, the event was attended by Charmain 5T Initiatives & Nabin Odisha Kartik Pandian, Chief Secretary PK Jena and Seniors Officers of Odisha government, representatives of leading industry associations, leading technical and professional institutions of the state.

The project consists of a 50 GWH EV battery plant, EVs, Lithium refinery, Copper smelter and related component manufacturing units.
More News

19 Apr 2024 | 5:24 PM

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..
Rupee up 8 paise against USD

Rupee up 8 paise against USD

19 Apr 2024 | 5:05 PM

Mumbai, April 19 (UNI) The Rupee on Friday ended positive at 83.47, rising 8 paise against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..

Kottayam-Kochi Rubber Market rates

19 Apr 2024 | 5:02 PM

Kottayam, April 19 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Friday per quintal.

see more..
Sensex jumps 599 34  pts

Sensex jumps 599 34 pts

19 Apr 2024 | 4:56 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 pts to close at 73088.33 on the strength of Bankex, Metal, Financial services and Consumer Durable stocks amid weak Asian Market.

see more..

Sund Home Fin expands presence in Rajasthan

19 Apr 2024 | 4:36 PM

Chennai, Apr 19 (UNI) After its recent expansion in Western India, Sundaram Home Finance (SHF)
has expanded its presence in Central India with the opening of its new office at Kota in Rajasthan.

see more..