Bhubaneswar: Sajjan Jindal-led JSW Group and South Korea’s Posco Group have signed an MoU to set up an integrated steel plant in India, besides collaborating for green energy production and manufacture of battery materials for electric vehicles (EVs).
The steel plant is expected to be built in Odisha with an initial capacity of 5 million tonne per annum (MTPA), Korea Joongang Daily reported, adding that the MOU signing event took place on October 21 in Mumbai.
Posco Chairman and CEO Chang In-hwa and JSW Group Chairman Sajjan Jindal were present on the occasion.
The two groups plan to each contribute half of the investment, which is expected to be in the billions of dollars, Ked Global reported, quoting industry sources in Seoul.
Sajjan Jindal said that the MoU with POSCO marks a significant step forward in JSW’s contribute to the Indian steel industry.
“With JSW Group, we expect to lead a transition to an environment-friendly era and contribute to the two countries’ economic development,” Posco Chairman Chang said in a release on Tuesday.
Notably, the South Korean steel major had earlier scrapped the plan to set up a 12-million tonne (mt) steel mill in Odisha’s Paradip and surrendered the land allotted for the project amid public resistance and regulatory hurdles.
