New Delhi, Apr 20 (BNP): In a significant development for India’s steel sector, JSW Steel and South Korea’s POSCO have announced a 50:50 joint venture to establish a new steel manufacturing facility in Odisha.
The announcement comes during the official visit of South Korean President Lee Jae Myung to India, highlighting growing economic and industrial cooperation between the two countries.
The proposed plant in Odisha is expected to strengthen steel production capacity, enhance technology collaboration, and support long-term industrial integration between Indian and South Korean companies. Officials indicated that the project will focus on advanced steel manufacturing processes and sustainable production practices.
The joint venture is also expected to contribute to Odisha’s position as a major steel hub in India, attracting further investment and generating employment opportunities in the region.
Industry observers note that the partnership reflects increasing confidence in India’s manufacturing ecosystem and aligns with broader efforts to deepen bilateral economic ties between India and South Korea.
Further details regarding investment size, capacity, and project timelines are expected to be announced in the coming stages of the partnership.
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