Bhubaneswar: The JSW Group has decided to relocate its proposed ₹40,000 crore electric vehicle (EV) and battery manufacturing project from Odisha to Maharashtra, just seven months after signing a deal with the previous Odisha government led by BJD's Naveen Patnaik, a report said.

The Sajjan Jindal-led conglomerate is now considering Aurangabad and Nagpur in Maharashtra as potential locations for the project, the report said.

Back in February, the JSW Group had signed a Memorandum of Understanding (MoU) with the Odisha government to set up EV and battery plants in Cuttack and Paradip. The ambitious project included plans for electric vehicle manufacturing, a 50 GWh battery plant, electric powertrains, a lithium refinery, and other related units.

It had proposed to set up an EV and EV battery manufacturing unit at Naraj in Cuttack with an investment of Rs 25,000 crore. Similarly, the JSW Group had planned to set up an EV components manufacturing complex at Paradip in Jagatsinghpur district with an investment of Rs 15,000 crore.

On the other hand, Odisha Industries Minister Sampad Swain said the company was yet to take a final decision in this regard.

"Talks are still ongoing with JSW. The decision to leave Odisha has not been finalized yet. Investors make decisions based on their own considerations, and delays can occur due to various reasons. The JSW Group has also faced delays in starting their electric vehicle (EV) project," the minister said.

In view of the development, the Company responded with a statement in an attempt to put the rumours at bay.

"JSW group is not withdrawing its proposed Rs 40,000 Cr electric vehicle (EV) and battery manufacturing project from Odisha," said Ranjan Nayak, Executive Vice President, Corporate Strategy.