JSW Group Clarifies: No Plans to Move Rs 40,000 Crore EV Project from Odisha

The JSW Group reaffirmed its commitment to a Rs 40,000 crore electric vehicle (EV) and battery project in Odisha. Contrary to media reports suggesting a shift to Maharashtra, senior company official Ranjan Nayak confirmed the project remains on-track. Odisha's Industries Minister Sampad Swain also emphasized ongoing government efforts for project implementation.

The JSW Group has reaffirmed its commitment to the proposed Rs 40,000 crore electric vehicle (EV) and battery project in Odisha, dispelling rumors about a relocation to Maharashtra. Ranjan Nayak, executive vice president of corporate strategy, confirmed on Tuesday that the company is not withdrawing from the project.

The clarification follows media reports suggesting a shift of the manufacturing project from Odisha to Maharashtra. The JSW Group had signed a memorandum of understanding (MoU) with the Odisha government on February 10, 2024, to establish an integrated EV and battery manufacturing facility in the state. The project includes a 50 GWH EV battery plant and related component manufacturing units.

Odisha Industries Minister Sampad Swain reassured the public that the state government is actively engaging with JSW for the project's swift implementation. He highlighted that the new BJP government has already attracted significant investments across various sectors, demonstrating a strong commitment to industrialization.

(With inputs from agencies.)