Posco’s Return! Industries Keen To Invest In Odisha After Change Of Govt, Says Minister

Bhubaneswar: Amid speculation about South Korean steel major Posco Group’s return to Odisha, Industries Minister Sampad Swain on Wednesday said the government is ready to welcome any multinational company to invest in the state.

Stating that many industrial groups are now eager to make investment in Odisha, the Minister said multinational companies, including Posco, are welcome to set up industries in the state. The state will also welcome Joint ventures of Posco and JSW, he said.

Noting that JSW is eager to make investments in Odisha in different sectors, Swain said the joint venture between Posco and JSW is a bilateral matter between the two groups. A clear picture will emerge only after a concrete proposal is presented, he said.

Stressing that the project undertaken in Jagatsinghpur is JSW’s own venture, the Minister said many industries are keen to invest in Odisha after the Mohan Majhi government too charge.

Swain said Odisha offers all the required facilities and the government is ready to welcome all the industries and provide them with necessary assistance to facilitate investment proposals.

It may be noted that Posco had signed an MOU with the State government in 2005 to set up a mega steel plant in Odisha. However, the South Korean steel major scrapped the plan to set up a 12-million tonne per annum (mtpa) steel mill in Odisha’s Paradip and surrendered the land allotted for the project amid public resistance and regulatory hurdles.

In a new development, 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).

Also Read: Steel Major Posco Set To Return To Odisha Via JSW Route