JSW Group to invest ₹65,000 cr to set up cement, power, steel plants in Odisha

The JSW Group, led by Sajjan Jindal, plans to establish mega projects in Odisha, including a 10 million tonne per annum (MTPA) cement plant, a 900 MW power plant, a 52 MTPA greenfield jetty port, and a 13.2 MTPA steel plant.

This venture is slated to involve a cumulative investment of ₹65,000 crore. JSW Cement, currently operating with a capacity of 19 MTPA across manufacturing units in Karnataka, Andhra Pradesh, West Bengal, Odisha, and Maharashtra, is going to be key player in this expansion plan. This investment has the potential to create around 30,000 direct and indirect jobs, as per the company.

The JSW Group has outlined an investment of ₹18,000 crore to augment the cement business's capacity to 60 MTPA over the next five years. In pursuit of this goal, the company is engaging in discussions with merchant bankers to secure ₹6,000 crore through an IPO.

In January, the country’s largest steel manufacturer received approval from Naveen Patnaik-led Odisha government to set up electric vehicle and component manufacturing projects in the state.

JSW group announced its plans to invest around ₹40,000 crore to set up plants, which has the potential to create 11,000 jobs in the state, according to a statement 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 ₹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.

This development follows the recent announcement by the steel manufacturing company to double its investment in Tamil Nadu in the coming years.

In August of the previous year, JSW Group formed a joint venture with the Chinese automotive giant SAIC Motor, acquiring a 35% stake in its Indian counterpart, MG Motor India. Through this collaboration, the steel conglomerate aims to foster the electric vehicle (EV) ecosystem in India. The joint venture is set to undertake various initiatives, including enhancing local sourcing, upgrading charging infrastructure, increasing production capacity, and introducing an extended range of vehicles with a specific focus on green mobility, as previously stated by the company.