The investment aims to bolster India's burgeoning EV market, which currently sees electric models accounting for about 2% of the country's car sales.
The government targets a 30% share by 2023. The investment includes Rs 25,000 crore in an EV battery manufacturing plant and an EV components plant, with a further Rs 15,000 crore planned for an EV components manufacturing complex.
Odisha government's approval and incentives
The Naveen Patnaik-led Odisha government has given the green light for this project, approving a special incentive package. The plants, which will be established in Naraj, Cuttack, and Paradip, are expected to create over 11,000 jobs.
The world's largest single-location EV battery project
The proposed EV battery manufacturing project in Cuttack is touted as the world's largest single-location project in the sector, with a capacity of 50 GWH. The project, along with the EV component manufacturing initiatives, is expected to significantly boost Odisha's industrial and economic landscape.
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