JSW Refutes Reports of Shifting ₹40,000 Crore EV Project from Odisha

Bhubaneswar: The JSW Group on Tuesday categorically denied reports suggesting that it plans to relocate its proposed Rs 40,000 crore mega electric vehicle (EV) and battery project from Odisha to Maharashtra.

In a statement released today, Ranjan Nayak, Executive Vice President of Corporate Strategy at JSW, affirmed the company’s commitment to the project in Odisha. “We are not withdrawing from Odisha,” Nayak stated.

In February 2024, the JSW Group signed a memorandum of understanding (MoU) with the Odisha government to establish an integrated EV and EV battery manufacturing plant in the state.

The Rs 40,000 crore project includes a 50 GWh EV battery plant, lithium refinery, copper smelter and related component manufacturing units. The company proposed to set up an EV manufacturing plant at Naraj in Cuttack district and a copper smelter and lithium refinery at Paradip in Jagatsinghpur district.

The Odisha state government had approved a special incentive package for the project earlier this year. However, despite signing the MoU, land allocation for the project is yet to be completed, leading to delays.

Odisha Industries Minister Sampad Swain addressed the issue, stating that the government is in talks with the JSW Group to expedite the implementation of the project. “We are not aware of any plans to shift the project to Maharashtra. There has been a delay, but we are working to ensure the project stays in Odisha,” he said.

Swain also highlighted the new BJP government’s efforts to attract investments, noting that Rs 45,000 crore has already been secured across sectors such as chemicals, semiconductors and steel pipes within the first 100 days of its term.