The JSW Group will establish an electric vehicle battery manufacturing project, which is dubbed as a one-of-a-kind advanced technology-based project with a capacity of 50 GWH and the world’s largest single location project in the sector in Odisha’s Cuttack district.
Odisha Cabinet chaired by Chief Minister Naveen Patnaik approved a special incentive package for the establishment of ambitious electric vehicle and component manufacturing projects near Cuttack and Paradip for which the company will make a combined investment of ₹40,000 crore.
“Projects would significantly boost the industrial and economic landscape of Odisha. These projects have the employment potential of over 11,000,” Chief Secretary P.K. Jena said.
The electric vehicle and EV battery manufacturing project, which would come up near Naraj in Cuttack district, will create employment for 4000 people. The company plans to invest ₹25,000 crore for the facility in phases. The company also plans to set up an Original Equipment Manufacturer (OEM) plant for EVs and components in the same facility in two phases.
Similarly, JSW Group plans to set up EV components manufacturing complex comprising of copper smelter along with lithium smelter at Paradip in third phase of its footprint in new age sector.
“In this phase, JSW is planning to invest ₹15,000 crore in the State, generating employment for more than 7,000 people,” said Mr. Jena.
JSW Utkal Steel, a wholly-owned subsidiary of JSW Group, was recently handed over the requisite 2,948.05 acres for setting up a proposed 24 million tonne per annum greenfield integrated steel plant near Paradip. The location was earlier proposed for South Korean steelmaker Posco which shelved its 12 MTPA steel plant plan in 2017.
Earlier to this announcement, the Sajjan Jindal-led JSW Group had proposed to invest more than ₹1,00,000 crore in various projects in the State.
The State Cabinet also approved Odisha Procurement Preference Policy for Micro and Small Manufacturing Enterprises 2023 which intends to benefit Odisha Small (and Micro) Manufacturing Enterprises (OSMEs) whose turnover is not more than ₹50 crore per annum.
“Start-ups having annual turnover not more than ₹50 crores will also benefit under this policy at par with other small manufacturing enterprises. This policy has a provision of ‘Exclusive List’ whereunder goods which are manufactured by a fairly large number of OSMEs shall be enlisted,” the Cabinet note said.
Taking note that coffee has emerged as one of the most profitable commercial crops among the farmers of the State, the government has announced the expansion of the scheme ‘Coffee Plantation for Sustainable Livelihood’ in six different districts. The State proposes to spend ₹1144 crore for this in five years from 2022-23 to 2026-27.
