Bhubaneswar: JSW Steel Ltd and South Korea’s POSCO Group have entered a non-binding agreement to explore a 50:50 joint venture for a 6 million tonnes per annum (MTPA) integrated steel plant in India, with Odisha as the likely location pending a feasibility study.
This follows an October 2024 MoU for a five million tonne project in Odisha and collaboration in renewable energy and EV battery materials.
The signing ceremony took place in Mumbai.
Joint MD and CEO of JSW Steel Jayant Acharya emphasised that combining JSW’s strong execution capabilities in India with POSCO’s technological expertise would create a competitive steel manufacturing hub catering to both domestic and global markets.
Representative Director and President of POSCO Holdings Lee Ju-tae highlighted India’s role in global steel demand and the partnership’s long-term vision. “This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations,” he added.
According to reports, both companies will conduct a detailed feasibility study before finalising the project’s location, investment structure, resource sourcing, and other key requirements. It further stated that Odisha has emerged as a strong contender due to its abundant natural resources and logistical advantages.
The project could boost India’s steel production capacity and global industrial hub ambitions, marking a significant Indo-Korean collaboration despite POSCO’s past challenges in India, it added.
.
