JSW, POSCO sign agreement to set up 6 MTPA steel plant in Odisha
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JSW Steel Ltd and South Korea’s POSCO Group have signed a non-binding agreement to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha, India, through a 50:50 joint venture, the companies said in a statement on Monday.
Feasibility study to decide project details
The companies will now carry out a detailed feasibility study to finalise the plant’s location, investment structure, resource availability and other critical factors. Odisha, with its natural resource base and logistical advantages, is among the key sites under consideration.
Agreement builds on earlier understanding
The Heads of Agreement (HoA), signed in Mumbai, follows a memorandum of understanding signed in October 2024. “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking,” said Jayant Acharya, chief executive officer of JSW Steel.