Posco's Comeback: New Steel Ventures in Odisha

After two decades since its initial exit, South Korean steel titan Posco is making a comeback to Odisha, India. Posco, in collaboration with JSW Group, plans to establish new Greenfield projects, marking a significant industrial development in the region.

The announcement was made by Odisha's Additional Chief Secretary of Industries, Hemant Sharma, who revealed that Posco and JSW Group had signed a joint venture agreement. This was confirmed during the recent India-Korea Business Summit in New Delhi, attended by prominent dignitaries including Union Commerce Minister Piyush Goyal, JSW Group Chairman Sajjan Jindal, and Posco Chairman Chang In-hwa.

With an investment estimated at Rs 35,000 crore, the venture promises to create numerous employment opportunities and drive economic growth in Odisha. Posco's renewed interest stems from its earlier project, abandoned due to local opposition and changing mineral policies, and is seen as a major boost for Odisha's industrial landscape.

(With inputs from agencies.)