JSW Steel Ltd has partnered with South Korea’s Posco Group to explore the possibility of building a six million tonnes per annum integrated steel plant in India. The two companies have signed a non-binding agreement to set up the project as a 50:50 joint venture, they said in a joint statement on Monday.
As part of the agreement, the companies will now carry out a detailed feasibility study to decide on the final location, investment requirements, availability of resources, and other key factors. Odisha, known for its natural resources and strong logistical advantages, is one of the main locations being considered for the proposed plant.
The Heads of Agreement was signed in Mumbai and follows a memorandum of understanding signed in October 2024. Speaking about the development, Jayant Acharya, Chief Executive Officer of JSW Steel, said, “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with Posco’s technological leadership in steelmaking.”
He further explained that the venture would help create a competitive manufacturing hub that can serve both the domestic market and exports.
Highlighting the importance of India in the global steel sector, Lee Ju-tae, Representative Director and President of Posco Holdings, said, “India is central to the future of global steel demand.” He added that this collaboration with JSW Steel will not only support India’s industrial growth but also create long-term value for both companies.
If finalised, the joint venture is expected to strengthen India’s position in the global steel industry while also contributing to the country’s growing infrastructure and industrial needs.
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