JSW Plans $5-Billion EV Enterprise In Odisha After MG Motor Deal

0
JSW Plans $5-Billion EV Enterprise In Odisha After MG Motor Deal

JSW Group has signed an agreement with the Government of Odisha to set up an integrated EV and EV battery manufacturing project at Cuttack and Paradip, in what can be seen as the next step in its electric mobility drive.

The project, with an investment of Rs 40,000 crore, will help create more than 11,000 jobs, spur employment in ancillary and support services, and catalyse development of micro, small and medium enterprises in Odisha, according to a press statement on Saturday. That can open up a new auto component supply chain and services sector in the state.

This new partnership between JSW Group and Odisha builds on the existing relations that they have, Chairman Sajjan Jindal said in the statement. 

“By integrating our operations within Odisha’s ecosystem, we aim to create a symbiotic relationship that benefits all stakeholders,” Jindal said. “It is a testament to our belief in Odisha’s potential (as an investment destination) and our dedication to contribute positively to its economic landscape.”

The Odisha EV plan comes more than two months after JSW Group and China’s SAIC Motor Co. Ltd. formed a joint venture in India, with a focus on green mobility and to develop the EV ecosystem in the world’s third largest auto market.

JSW has a 35% stake in the new Indian joint venture.

SAIC already has a presence in India through its fully owned unit MG Motor India Pvt. Ltd. but has struggled to grow its presence in the country after Chinese investments faced increased scrutiny from New Delhi. The new joint venture with JSW will also support growth of MG Motor in India by increasing locally sourced auto parts, expanding the production capacity and growing its charging infrastructure.

And that’s where the Odisha project fits in.



#JSW #Plans #5Billion #Enterprise #Odisha #Motor #Deal

About Author

Leave a Reply