The JSW Group will invest INR 40,000 crore (over $4.81 billion) into setting up electric vehicle (EV) and battery manufacturing facilities in the Indian state of Odisha.
The Group recently signed a Memorandum of Understanding (MoU) with the Government of Odisha to establish the integrated EV and battery manufacturing plant in Cuttack and Paradeep cities of the state. The project consists of a 50 GWh EV battery plant, EVs, Lithium refinery, Copper smelter, and related component manufacturing units.
The company stated the project will help create over 11,000 jobs in the state. It will catalyze MSME development, creating a plethora of opportunities in the auto component supply chain and services sector.
Earlier, JSW Group had announced its joint venture with SAIC Motor, a Shanghai-based automaker that owns MG Motor, to grow and transform the MG Motor operations in India with a focus on green mobility solutions. The joint venture will undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
SAIC will support the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.
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