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JSW Group, led by Sajjan Jindal, has categorically denied reports suggesting it was withdrawing its ₹40,000 crore electric vehicle (EV) manufacturing project from Odisha and relocating it to Maharashtra. The clarification came in a press statement released by the company on Tuesday, addressing recent speculations that had raised concerns about the future of the project in Odisha.
The firm had initially signed a Memorandum of Understanding (MoU) with the Odisha government in February 2023 to establish an EV and battery manufacturing facility in the state. The proposed project was intended to be located in Cuttack and Paradip. However, subsequent reports emerged indicating that JSW was considering alternative sites for its project, particularly Aurangabad and Nagpur in Maharashtra. These reports triggered apprehension among stakeholders in Odisha regarding the potential loss of the substantial investment and its associated economic benefits.
JSW's statement firmly dispelled these rumors, reaffirming its commitment to Odisha and the previously agreed-upon project location. The company emphasized its commitment to the MoU signed with the Odisha government and highlighted the strategic importance of the state in its overall expansion plans. While the exact timeline for project implementation remains to be determined, JSW's assurance serves as a significant reassurance for the state government and the local community, underscoring the continued viability of the substantial investment in Odisha.
Source: JSW Group not withdrawing ₹40,000 crore EV manufacturing project from Odisha