JSW-POSCO to set up steel plant in State: CM
Odisha Chief Minister Mohan Charan Majhi said South Korean steel major POSCO is all set to establish a 6 MTPA green field project in the State’s mineral-rich Keonjhar district in a joint venture with the JSW Group.
Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi said South Korean steel major POSCO is all set to establish a 6 MTPA green field project in the State’s mineral-rich Keonjhar district in a joint venture with the JSW Group. Welcoming the return of POSCO to the State, Mjahi said the JSW CEO met him and confirmed that their plant will be set up in Keonjhar, the Chief Minister’s home district.
In 2005, POSCO signed an MoU with the Odisha government to set up a steel plant in Jagatsinghpur district at an initial investment of Rs 52,000 crore. However, the project could not progress due to resistance from locals and regulatory hurdles. The company abandoned the project in 2017.
Majhi said Prime Minister Narendra Modi also thanked JSW Group chairman Sajjan Jindal for joining hands with POSCO and looking forward to set up a mega steel project in Odisha. In a statement on Monday, JSW Steel said it has signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonne per annum (MTPA) integrated steel plant in India. However, the company did not mention where it will be established. It also said that JSW and POSCO will undertake a detailed feasibility study to finalise the plant’s location, investment terms, resource availability and other critical factors.“I am elated to know that the mineral-rich Keonjhar will now get a mega steel project. It was my dream to get a steel plant in my district,” Majhi said. “The JSW CEO met me and I asked him in which place POSCO would come. He informed me that JSW-POSCO will jointly set up the plant in Keonjhar district,” he said.
Talks about POSCO’s return to India were on for a long time, the Chief Minister said. “When someone asked me about this, I had told him that if it wants to return to India, it should come to Keonjhar. I welcome it. I have also thanked JSW Group chief Sajjan Jindal for bringing POSCO. He told me that it was possible for the Odisha Chief Minister,” Majhi eaid.
Odisha’s Industries Minister Sampad Chandra Swain said the State government is fully prepared to welcome POSCO and any other investors.
