JSW Group to invest Rs 65,000 Crore in cement, power and steel plants in Odisha
The JSW Group, under the leadership of Sajjan Jindal, intends to establish major projects in Odisha, including a cement plant with a capacity of 10 million tonnes per annum (MTPA), a 900 MW power plant, a 52 MTPA greenfield jetty port, and a steel plant with a capacity of 13.2 MTPA. This initiative is expected to require a total investment of Rs 65,000 crore. JSW Cement, which currently operates with a capacity of 19 MTPA spread across manufacturing units in Karnataka, Andhra Pradesh, West Bengal, Odisha, and Maharashtra, will play a crucial role in this expansion endeavor. The investment is anticipated to generate approximately 30,000 direct and indirect job opportunities, according to the company's estimates.
The JSW Group has detailed an investment plan of Rs 18,000 crore to enhance the capacity of its cement business to 60 MTPA within the next five years. To achieve this objective, the company is currently in discussions with merchant bankers to secure Rs 6,000 crore through an IPO. In January, the Odisha government, led by Naveen Patnaik, granted approval to the country's largest steel manufacturer to establish electric vehicle and component manufacturing projects in the state. JSW Group has unveiled its intentions to invest approximately Rs 40,000 crore to establish these plants, potentially generating 11,000 job opportunities in the state, according to a statement issued by the Odisha government.
"In a major boost to #MakeInOdisha, the #OdishaCabinet has approved a special incentive package for JSW Group’s #ElectricVehicle and component manufacturing projects in Naraj, Cuttack and Paradip. These projects, with a combined investment of Rs 40,000 Cr and employment potential of over 11,000 are set to usher in a new era of industrial growth and job creation in the state", the state government says in a post on social media platform X.
Following a recent announcement by the steel manufacturing company to double its investment in Tamil Nadu in the forthcoming years, this development unfolds. In August of the prior year, JSW Group established a joint venture with the Chinese automotive giant SAIC Motor, acquiring a 35% stake in its Indian counterpart, MG Motor India. Through this partnership, the steel conglomerate aims to nurture the electric vehicle (EV) ecosystem in India. The joint venture is poised to undertake a variety of initiatives, including boosting local sourcing, upgrading charging infrastructure, expanding production capacity, and introducing a wider range of vehicles with a particular emphasis on green mobility, as previously indicated by the company.