Nagpur: The state govt has submitted its offer letter to steel giant JSW Group for setting up its proposed lithium-ion battery project in Nagpur. The first phase is expected to entail an investment of Rs15,000 crore, said sources privy to the development. The batteries have varied uses, from cellphones to electric vehicles.
The company was offered a land parcel of 450 acres at the additional Butibori industrial estate of MIDC and incentives amounting to 110% of its investment in the form of state GST refund, said sources.
This comes after the cabinet sub-committee on investment cleared seven projects with proposed investments worth Rs81,000 crore for industrial projects in Vidarbha, Marathwada, and Konkan in July this year. The offer letter is the next step after clearing the project. This means that both the company and state govt have agreed upon the terms and conditions. Now, it is on the JSW Group to come forward and take up the land, said a source.
As per the source, the first phase would include the lithium battery plant, and later the facility is expected to be expanded for other product ranges.
Avaada Group, another company whose investment proposals were cleared by the cabinet sub-committee, is expected to start its first phase of production by March. The construction is going on at full swing, said the source.
Avaada laid the foundation stone for its solar modules and electrolyser plant at Butibori in October this year. In what is dubbed to be the fastest timeline, the company expects to start production within a year. The company's investment ranges up to Rs13,000 crore.
Meanwhile, apart from Nagpur, the state's cabinet sub-committee also cleared JSW Green Mobility's project to make electric vehicles at Chhatrapati Sambhajinagar. JSW's projects are expected to create over 5,000 jobs, said sources.