JSW’s Big Plan For Odisha, To Invest Rs 40,000 Crore In EV Projects

The $ 23 billion JSW Group headed by Sajjan Jindal is making headlines in Odisha for its Rs 40,000 crore investment plans. The Group which has strong presence in Steel, Energy, Infrastructure, Cement, Paints, and Sports is setting up the world’s largest single location electric vehicle and EV battery plant, including component manufacturing to be located between Cuttack and Jagatsinghpur in Odisha. It is learnt that the Odisha government headed by Naveen Patnaik has approved a special incentive package for Jindal Group. Sajjan Jindal who has 35% JV stake in SAIC MG Motor India is likely to increase his stake to 51% stake since Chinese company SAIC MG cannot raise resources and scale operations due to regulatory restrictions imposed by India following strained relationship with China. SAIC MG has signed a JV with JSW to expand India operations. This explains why JSW plans to increase its stake to 51% stake in SAIC MG. Through advance planning and identifying initiatives backed by capital infusion, Jindal is keen to transform MG Motor India operations. JSW Group is spread across India, USA, Europe and Africa, employs nearly 40,000 people.