JSW Steel And the Posco Group of South Korea has joined hands to explore the possibility of setting up 6 million tonnes (MTPA) capacity steel plant in India annually. As part of the next step, JSW and Posco plant will be discussed to place the place, investment conditions, resource availability and other important factors. JSW Steel said in a statement issued on Monday that it has signed a non-compromised Memorandum (HAA) to explore the possibility of setting up an Integrated Steel Plant of 6 million tonnes per year (MTPA) capacity in India.
Thoughts are being done to set up a plant in Odisha
Given the natural resource base and psychological benefits, Odisha is one of the major places where the plant is being considered. JSW Steel said, “Yo Non-Blancing Committees Memorandum is based on the Memorandum (MOU) signed by both sides in October 2024. Also, the proposed 50:50 presented a comprehensive outline for the joint venture. ”Non-concentrated MoU was signed in the presence of Posco Holdings Representative Director and Chairman Li Ju-Tai and JSW Steel Joint Managing Director and CEO Jayant Acharya.
The proposed venture conforms to the attitude of self -sufficient India
Jayant Acharya said, “This partnership connects JSW’s proven execution capabilities and strong domestic appearance with Posco’s technology leadership in steel manufacturing. The proposed venture is in line with the country’s self -reliant India’s attitude and will help in creating a globally competitive manufacturing center to serve both domestic and export markets. ”
India Global Steel Demand Future Center
Lee Ju-Tai said, “India is the center of the future of global steel demand. Our cooperation with JSW is based on mutual trust and shared long -term approach. The initiative reflects his company’s commitment to cooperating in India’s industrial development and long -term value creation for both organizations. “The agreement is an important step towards deepening strategic cooperation between JSW Steel and South Korea’s Posco Group.
With PTI inputs
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