JSW Group Chairman Sajjan Jindal said in Odisha that the group is looking to set up an electric vehicle manufacturing plant with a capacity for 1 lakh commercial electric vehicles and 3 lakh electric cars per year.
"The project consists of a 50 GWh EV battery plant, EVs, a lithium refinery, a copper smelter and related component manufacturing units," said a statement.
The group envisages an entire EV supply chain within the integrated facility, which includes a production line for e-powertrain components, a copper smelting plant and a plant for refining 6,000 tonnes of lithium per year.
JSW Group has signed a Memorandum of Understanding (MoU) with the government of Odisha for setting up an integrated electric vehicle and battery manufacturing project in Cuttack and Paradip. With a proposed investment of ₹40,000 crore, the group is getting ready to make a big foray into electric vehicle manufacturing.
Sources tell CNBC-TV18 that the JSW Group is expected to begin construction by the end of the year, once all regulatory approvals are in place and hopes to commission the facility in 2-3 years.
"India's target of achieving renewable energy needs energy storage at an affordable price. We need three quick strategies to achieve the objective: batteries with the right technology and affordable price, electric cars and commercial vehicles at the same price as combustion engines and decoupling the supply chain from China,” said Jindal.
The integrated electric vehicle and battery manufacturing facility will also have an R&D centre. The JSW Group's electric vehicle and battery manufacturing vertical will function under a separate, privately held entity within the parent company.
Sources also said that this proposed investment of ₹40,000 crore in Odisha is completely separate from the joint venture with China's SAIC-owned MG Motor India. In January 2024, the Competition Commission of India (CCI) approved the acquisition of a 38% stake in MG Motor India by JSW Ventures Singapore.
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