In a surprising turn of events, JSW Group's ambitious plan to set up a massive Rs 40,000 crore electric vehicle (EV) and battery project in Odisha has hit a roadblock. The company has decided to shift the entire project, leaving Odisha in the dust.
This unexpected move comes just seven months after JSW signed a Memorandum of Understanding (MoU) with the previous Odisha government led by the Biju Janata Dal (BJD). The project, which was envisioned to transform Odisha's industrial landscape and create thousands of jobs, has now become a casualty of political change. The BJD's loss in the recent assembly elections seems to have played a significant role in JSW's decision to relocate.
While Odisha grapples with the disappointment of losing such a significant investment, Maharashtra, known for its pro-business policies, is likely to offer attractive incentives to welcome the project. Aurangabad and Nagpur, with their existing industrial infrastructure and connectivity, have emerged as the frontrunners for hosting JSW's EV dream.
For JSW, this shift represents a strategic move. It remains to be seen how this relocation will impact JSW's partnership with Volkswagen Group for a potential EV manufacturing joint venture in India.
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