Mega steel project set to boost India’s manufacturing push

South Korea’s POSCO Group said on Monday it has signed a final agreement with India’s JSW Steel to jointly invest 10.7 trillion won ($7.3 billion) to build a steel plant in India, as part of its strategy to establish a production hub in the South Asian country and strengthen its global supply chain.

The two companies signed a joint venture agreement in India, attended by POSCO Group Chairman Chang In-hwa and JSW Steel Chief Executive Officer (CEO) Jayant



Acharya, according to POSCO Group, reports news agency.

Under the agreement, POSCO and JSW Steel will each hold a 50 percent stake in the project to build an integrated steel mill encompassing the entire production process at a single site.

POSCO will invest about 5.3 trillion won in the project.

The plant, with an annual capacity of 6 million tons, will be built in Odisha, eastern India, with completion targeted for 2031.