Featured

Steel Major Posco Set To Return To Odisha Via JSW Route

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.

 

OB Bureau
Share
Published by
OB Bureau

Recent Posts

Over 20,000 Odisha Govt Employees Surrender Ration Cards

Bhubaneswar: Following the Odisha government's warning to ineligible beneficiaries availing PDS items, more than 20,000… Read More

12 minutes ago

Myanmar’s Military Junta Extends Emergency By Six More Months

New Delhi: Myanmar’s military government on Friday extended a state emergency by six more months amid… Read More

16 minutes ago

‘More Drama’ With Swara Bhasker’s X Account: After Suspension, It Has Been Hacked Now

Mumbai: A day after calling out social media platform X (formerly Twitter) for permanently suspending… Read More

37 minutes ago

‘Lost Faith In Arvind Kejriwal’: 7 MLAs Quit AAP 5 Days Before Delhi Polls

New Delhi: In a major blow to the Aam Aadmi Party (AAP), seven MLAs resigned from… Read More

44 minutes ago

Miscreants Loot Woman RI At Gun-Point From Her Office In Odisha’s Mayurbhanj

Baripada: Two miscreants on Friday allegedly looted ornaments and cash at gun-point from a woman… Read More

58 minutes ago

‘Respect Gravity, Laws Of Physics’: Allu Arjun Trolled For Flying Scene In ‘Pushpa 2’

Mumbai: After leaving cash registers ringing at the box office, the Allu Arjun and Rashmika… Read More

1 hour ago