JSW Group to invest nearly $5 billion in EV projects in eastern India

The steel and energy group will spend 400 billion rupees ($4.82 bn) in building up battery and electric vehicle production in the Indian state of Odisha. A memorandum of understanding with the local government includes plans for a 50 GWh battery factory.

Image: JSW Group

The MoU further includes plans “for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project” in two cities, JSW and the local government said in a joint statement on Saturday. Local media identified Cuttack as the site for the EV and battery manufacturing complex, with an EV components manufacturing facility in Pradip. There will also be a lithium refinery, copper smelter and related manufacturing.

Odisha expects to see the creation of 11,000 jobs.

Sajjan Jindal, JSW Chairman, called the project a milestone that reflected the commitment to the state’s development and prosperity. “It’s a testament to our belief in Odisha’s potential and our dedication to contributing positively to its economic landscape.”

JSW runs several sites in Odisha state and has also been described as a cement-to-energy company. It is also not their first venture into electric transport. JSW Group had formed a joint venture with China’s SAIC Motor in India last November to develop the electric vehicle ecosystem.

In terms of batteries, JSW started talks even earlier. There were news of LGES seeking to cooperate with the group in September 2023 to build a battery cell factory with an initial annual capacity of 8 GWh, which could be expanded to 20 GWh in further phases.

In today’s news, JSW did not name any partners.

reuters.com, businesstoday.in, twitter.com


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