JSW Group plans to invest ₹40,000 crore in its Electric Vehicles and component manufacturing projects in Cuttack and Paradip. Both the projects are expected to create over 11,000 new jobs in the State.
Investing in phases, JSW Group will set up an EV and EV battery manufacturing unit at Naraj, Cuttack, at an investment of ₹25,000 crore.
The group will use the most advanced battery technology with a capacity of 50 GWH and will be the world’s largest single location project in the sector. It will cater to both mobility and energy storage systems.
The company will also set-up an OEM (original equipment manufacturer) plant for electric vehicles and components in the same integrated complex. Electric vehicle and battery manufacturing will generate employment for over 4,000.
In the third phase, the Group will invest ₹15,000 crore to set up an EV components manufacturing complex with copper and lithium smelters at Paradip. The project will generate over 7,000 jobs.
The components plant will have the capacity to cater to 1 lakh commercial e-vehicles per annum and 3 lakh passenger electric cars.
Auto-components such as e-powertrain will be accessed from strategic suppliers and vendors, said the company.
The copper smelter will be of 1 mtpa and the lithium ion capacity will be 60,000 tpa. This apart, an R&D centre will also be set up to adopt newer technology in manufacturing, it said.
joint venture with SAIC
Late last year, JSW Group acquired a 35 per cent stake in the joint venture with China’s state-owned SAIC Motor Corporation for ₹2,800 crore. SAIC Motor will transfer its ownership in MG Motor India to the new company, which will be operated by the joint venture partners.
MG Motor sells SUVs under the Hector, Gloster, and Astor brands and the ZS EV and Comet EVs. It has has sold over two lakh cars in India, and has just over one per cent market share.
The joint venture company plans to step up local sourcing, improve charging infrastructure, expand production capacity and introduce new models focussed on green mobility.
JSW Steel, a group company, is one of the largest suppliers of high-strength steel and advanced products for the automotive sector in India.