We are committed to invest an additional Rs 1.65 trillion in Odisha: JSW Group chairman

Jindal said the genesis of the steel project was the dream of former Odisha chief minister Bijayananda Patnaik. (Photo: JWS Group)

Odisha is the top destination for the JSW Group, with the steel-to-cement conglomerate committing a fresh Rs 1.65 trillion for the state, apart from developing model villages. This is in addition to the `30,000 crore the group has already invested in the state, JSW Group chairman Sajjan Jindal told FE.

“Whenever and wherever JSW Group contemplates making investments, Odisha has always been the top destination in mind. The next decade belongs to Odisha and its people, and JSW will play a major role in development of the state,”  Jindal said.

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“Steel plays the most important role in building any great nation. A steel plant changes the lives of future generations and positively affects the economy in many ways,” he added.

On Friday, the group committed to invest `65,000 crore to set up an integrated greenfield steel manufacturing complex in Odisha that would generate about 30,000 jobs. The group would set up a 13.2 MTPA steel manufacturing plant, a 900 MW power plant, 10 MTPA cement plant and a port with capability to handle 52 MTPA per annum.

Jindal said the genesis of the steel project was the dream of former Odisha chief minister Bijayananda Patnaik.

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“He believed that such a steel facility will not only benefit Paradip or Odisha, but it would also benefit the entire Indian economy,” Jindal added. He, however, did not divulge the time frame or the sectors for `1.65 trillion investment.

The group also plans to develop model villages around its plant in the state. This would involve helping local communities develop skill sets and preparing them for livelihood opportunities, among others.

Talking about the group’s electric vehicles (EV) project in Odisha, Jindal said that the group will focus on high-end research, with an objective to produce “designed by and for Indians”. The group intends to produce high-quality batteries and electric vehicles, which are not only affordable but also technologically advanced.

On February 10, the JSW Group signed a memorandum of understanding with the Odisha government to set up an integrated electric vehicle (EV) and EV battery manufacturing project at Cuttack and Paradip with an investment of `40,000 crore over a three-year time period.