JSW Not Withdrawing Proposed Rs 40,000 Crore EV Manufacturing Plant From Odisha

Bhubaneswar: JSW, a multinational conglomerate company, on Tuesday informed that it's not withdrawing its proposed 40,000 crore electric vehicle (EV) and battery manufacturing project from Odisha , an official statement said.

"JSW group is not withdrawing its proposed 40,000 crore electric vehicle (EV) and battery manufacturing project from Odisha ," reads a release signed by Ranjan Nayak, Executive Vice President, Corporate Strategy, JSW Steel.

JSW statement after reports surfaced claiming project to be shifted in Maharashtra  

The company's announcement comes after a section of media reported that the JSW group plans to shift its EV and battery project from the eastern state to Maharashtra .

Asked about media reports, Ranjan Nayak, executive vice president of corporate strategy, office of chairman and managing director said, "We are not withdrawing the EV and battery project from Odisha ".

The JSW group had on February 10, 2024, signed a memorandum of understanding with the Odisha government for establishment of an integrated electric vehicle and EV battery manufacturing project at an investment of Rs 40,000 crore in the state.

At Naraj in Cuttack district, the JSW group had planned to set up an EV vehicle and component manufacturing plant, while at Paradip in Jagatsinghpur district, it proposed to establish a copper smelter and lithium refinery.

The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units.

The MoU was signed after the state cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects.

Amid media reports about the company's planning to shift its project to Maharashtra , Odisha Industries Minister Sampad Swain on Tuesday said the state government was talking to the JSW group for implementation of the EV project in the state.

Swain said the state government was not aware of the company's plans as "reported" in the media.

"Though MoU was signed in February this year and the previous government had not allocated land for the JSW's project. Now, we are talking to the company to set up its plants. We are not informed regarding the shifting of the plant from Odisha . However, there is a delay in the implementation of the project," Swain told PTI over phone.

The minister said the new BJP government, during its first 100 days in office, has attracted investment of Rs 45,000 crore in various sectors like chemicals, semiconductors, steel pipes and others.

"The government is serious about rapid industrialisation of the state," Swain said.

With inputs from PTI