According to a media report, India’s JSW Steel and South Korea’s POSCO plan to invest INR 650 billion (USD 7.73 billion) in their proposed plant in the eastern state of Odisha, producing 5 million metric tons of steel annually and is expected to reach 18 million metric tons over time.
Nov 6, 2024
India’s JSW Steel and South Korea’s POSCO plan to invest INR 650 billion (USD 7.73 billion) in their proposed plant in India in the coming years, as per a report.
The two companies have signed an agreement to set up an integrated steel plant with an initial capacity of 5 million metric tons a year. The plant will be in the eastern state of Odisha, known for its iron ore reserves.
The plant will initially produce 5 million metric tons of steel annually, eventually increasing to 18 million metric tons. This move aims to capitalize on India’s booming steel demand driven by rapid economic growth and infrastructure development.
Also Read: Jindal India Plans to Expand Production Capacity with INR 1,500 Crore Investment
The initial investment is expected to be INR 200 billion and the total investment is expected to reach INR 650 billion (USD 7.73 billion) after three years of operations as the companies plan to raise production capacity to 18 million metric tons. Neither JSW Steel nor POSCO have disclosed any details on the matter till now.
