JSW will invest Rs. 40,000 Crore to set up an EV facilities plant in Odhissa. It will divide the investment into two sectors. From Rs. 40,000, Rs. 25,000 will go into the electric vehicles and battery manufacturing in Cuttack. At the same time, the remaining Rs. 15,000 crore will move to the manufacturing of EV components in Pradip. We will share information about JSW’s new investment below. Many are against the company’s decision to set up in Odhissa due to the lack of transportation facilities compared to Gujarat.
JSW Will Invest Rs. 40,000 Crore In EV Facilities Setup In Odisha
JSW will be investing around Rs. 40,000 crore in EV and battery manufacturing along with its other components in the state. The country is moving toward the EV sector at a rapid speed. More and more companies are moving to EVs after seeing their increasing growth opportunities. The company is also acquiring stakes in the other EV companies to get the full benefit of the increasing opportunity. Recently, JSW announced the acquisition of 35% of another EV manufacturing company.
The company has a bigger vision. They want to expand in the state building a complete ecosystem for the EVs. The recent budget of Rs. 40,000 will be utilized in the production of the Electric Vehicles and its battery along with other components. The division of the budget will be as follows:
- a) for EV and Battery Manufacturing in Cuttack will consist of Rs. 25,000.
- b) EV components manufacturing in Pradip: Rs. 15,0000.
The company mentions that they believe in the potential of Odhisa and are confident enough about the potential of Odhissa. Their decision will not only improve the transportation facilities in the state. It will also employ a lot of people in the state. JSW’s data states that around 11,000 new job opportunities will be created. 4,000 will be in Cuttack and 7,000 in Pradip. The company is excited about the holistic growth. We will share details about JSE’s next update soon. There are no details about the commencement of work yet. They might begin soon after completing some formalities.
JSW has been a leader in many segments. Its approach and strategy towards the growth of the company are commendable. The company chose JSW for a reason. Cuttack and Pradip’s people gave a positive response to the announcement. We hope you get enough detail about JSW’s new investment above. Stay tuned for more information on our website.