The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 10, 2024
In a groundbreaking development poised to bolster Odisha’s prominence in the burgeoning electric vehicle (EV) domain, JSW Group has sealed a momentous Memorandum of Understanding (MoU) with the Odisha Government. The accord paves the way for the establishment of an Integrated Electric Vehicles and EV Battery Manufacturing Project, spanning locales in Cuttack and Paradip. JSW Group’s strategic foray into Odisha, amid fervent bids from competing states, marks a significant stride in the state’s industrial landscape.
With an unprecedented investment outlay of Rs 40,000 crore, the ambitious initiative is projected to catalyze employment opportunities, with over 11,000 job openings anticipated. This surge in job creation is poised to inject vitality into the state’s workforce, while concurrently fuelling ancillary and support service sectors. The project’s ripple effect is expected to stimulate Micro, Small, and Medium Enterprises (MSMEs), engendering a robust ecosystem conducive to auto component supply chain augmentation and service sector expansion. JSW Group’s staunch commitment to skill enhancement endeavors aims to democratize the fruits of industrial progress, enhancing the employability quotient of Odisha’s youth through avant-garde manufacturing methodologies.
The Odisha Government’s unwavering support, demonstrated through a bespoke package of incentives tailored for the project, underscores the state’s steadfast dedication to nurturing industrial proliferation and technological innovation. This collaborative endeavor is poised not only to redefine Odisha’s industrial topography but also to significantly bolster India’s EV manufacturing prowess.
Emphasizing the strategic imperative of this collaboration, Odisha Chief Minister Naveen Patnaik remarked, “Our strategic pivot towards nascent sectors underscores our resolve to unlock high-skill job avenues for Odisha’s denizens. Through our synergistic alliance with JSW Group, we are laying the groundwork for a future where innovation propels our industrial ascension, ensuring our youth access the skills and opportunities pivotal to sculpting the next epoch of economic progress.”
Echoing sentiments of steadfast commitment, Sajjan Jindal, Chairman of JSW Group, accentuated the enduring bond shared with Odisha, asserting, “Our enduring alliance with Odisha and its populace underpins this momentous undertaking. This venture signifies a pivotal juncture in our trajectory, underscoring our commitment to the state’s holistic advancement. By harmonizing our operations within Odisha’s dynamic milieu, we aspire to foster a symbiotic nexus that redounds to the benefit of all stakeholders, propelling growth, innovation, and engendering an array of high-skilled job avenues. It stands as a testament to our unwavering faith in Odisha’s potential and our dedication to positively contributing to its economic tapestry.”
This strategic amalgamation between JSW Group and the Odisha Government not only underscores the state’s alluring investment climate but also heralds its strategic overtures to position Odisha as a vanguard in India’s EV and green technology domains.
The project encompasses a 50 GWH EV battery plant, EVs, Lithium refinery, Copper smelter, and associated component manufacturing units.
In corroborating the Chief Minister’s visionary trajectory, Odisha Industries Minister Pratap Deb asserted, “The state’s meteoric ascent into uncharted industrial territories is poised to redefine paradigms of growth.”
State Principal Secretary Hemant Sharma delineated the project’s intricacies and its far-reaching ramifications on Odisha’s industrial landscape and employment prospects.
The milestone event witnessed the presence of 5T & Nabin Odisha Chairman VK Pandian, Odisha Chief Secretary PK Jena, along with senior officials, representatives of leading industry associations, and prominent technical and professional institutions of the state.
