Jindal Steel World i.e. JSW Group will manufacture electric cars, EV batteries and components in Odisha. For this, the company has signed a deal (MOU) with the state government today i.e. on 10th February. The company will set up a plant in Cuttack for the manufacturing of electric vehicles and EV batteries.
Whereas, the second plant will be developed in Paradip for components related to electric vehicles. The company will invest Rs 40,000 crore in the state for both the plants. Of these, an investment of Rs 25,000 crore will be made for the Cuttack plant. At the same time, an investment of Rs 15,000 crore will be made in Paradeep.
JSW Group said that this investment will be done in two phases. Also said that it will create a complete ecosystem of EV manufacturing in Odisha like Gujarat and Tamil Nadu. JSW Group said that a 50 GW EV battery plant to be built with the help of advanced technology will be set up in this project. In this, batteries will be prepared for commercial and passenger electric vehicles. Apart from this, manufacturing units for electric vehicles, lithium refinery, copper smelter and EV related components will be built here.
This project is expected to provide jobs to more than 11,000 people. The group said that 4,000 employment opportunities are expected to be created in Cuttack and 7,000 in Paradip. Through this project, employment opportunities for nearby supporting services will also increase. This will boost MSME development, open up a lot of job opportunities in the auto component supply chain and service sector.
A few days ago, the company had announced a joint venture with MG Motor India-owned SAIC Motor Corp. This joint venture will work exclusively on electric vehicles. JSW is the first company in India to produce 10 million tonnes of steel annually. MG Motor is a British brand which was acquired by the Chinese company SAIC Motor.
Jindal's ownership in MG Motor India will be around 45-48%, while dealers and Indian employees are likely to hold 5-8%. The remaining stake will be with Shanghai Automotive Industry Corporation i.e. SAIC. MG Motor India is the Indian branch of SAIC Motor, headquartered in Shanghai, China. SAIC is a Chinese automobile maker.
JSW is planning to manufacture high-performance electric vehicles in the Indian market. This information was given by Sajjan Jindal during a conversation with a media house in January. The company is also talking to Chinese company BYD for stake for this.
JSW will also introduce these electric vehicles in Europe. JSW does not have a manufacturing plant, hence in many reports it is also being claimed that the company will produce these vehicles in MG India plants.