New Delhi: New Delhi: In a significant boost to the Central government’s Make in India push, JSW Steel and POSCO on Sunday announced plans to form a 50-50 joint venture to set up a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha by the end of this year.
The announcement comes a day ahead of the high-level summit between India and South Korea in New Delhi.
“Just before the Summit, a major announcement from Indian and Korean business giants: JSW Steel and POSCO will establish a 50-50 joint venture by end-2026 to set up a 6 MTPA integrated steel plant in Odisha. Another example of a Korean company advancing ‘Make in India’,” Kyunghoon Kim posted on X.
Kim is the head of India & South Asia team at Korea Institute for International Economic Policy (KIEP) under PMO / Political Economy of Development.
Just before the Summit, a major announcement from Indian and Korean business giants:
JSW Steel and POSCO will establish a 50-50 joint venture by end-2026 to set up a 6 MTPA integrated steel plant in Odisha.
Another example of a Korean company advancing “Make in India.” pic.twitter.com/a2Vl9HSiwJ
— Kyunghoon Kim (@Kyunghoon_Kim_) April 19, 2026
The planned steel plant in Odisha will strengthen domestic production capacity and also enhance technology collaboration between Indian and Korean firms.
It’s in line with India’s strategy to position itself as a global manufacturing hub and reduce dependence on imports in key sectors like steel.
South Korean President Lee Jae Myung arrived in New Delhi this evening today for a three-day state visit. He will hold summit talks with Prime Minister Narendra Modi. The focus will be on expanding cooperation in sectors like shipbuilding, maritime industries, artificial intelligence and defence, along with addressing global energy supply chain uncertainties triggered by ongoing geopolitical tensions.