JSW Group aims to manufacture 3 lakh electric cars in Odisha per year

JSW Group’s Chairman, Sajjan Jindal, unveiled plans in Odisha to establish a significant electric vehicle (EV) manufacturing plant, capable of producing 1 lakh commercial electric vehicles and 3 lakh electric cars annually. This ambitious project encompasses the construction of a 50 GWh EV battery plant, a lithium refinery, a copper smelter, and related component manufacturing units. The objective is to create a comprehensive EV supply chain within the integrated facility.

JSW Group has forged a Memorandum of Understanding with the Odisha government, committing approximately ₹40,000 crore in investment for this venture. Pending regulatory approvals, construction is slated to commence by year-end, with expectations to operationalize the facility within 2-3 years. Jindal stressed the necessity of affordable energy storage solutions, competitive pricing for electric vehicles, and reducing reliance on China for the supply chain.

The planned facility will also house an R&D center, reflecting JSW Group’s commitment to innovation and technological advancement in the EV sector. Operating as a separate entity within the conglomerate, this electric vehicle and battery manufacturing vertical signifies JSW Group’s strategic diversification and investment in sustainable transportation solutions.

This substantial investment in Odisha stands as a distinct initiative from JSW’s joint venture with MG Motor India. The recent approval by the Competition Commission of India for JSW Ventures Singapore’s acquisition of a 38% stake in MG Motor India highlights JSW Group’s multifaceted approach to expanding its presence in the electric vehicle market.