South korea's posco group: South Korea's POSCO Group announced the signing of a final agreement with India's JSW Steel to jointly invest 10.7 trillion won (US$7.3 billion) in the construction of a steel plant in India. This venture is part of POSCO's strategy to establish a production hub in the South Asian country and enhance its global supply chain.
According to Yonhap News Agency, the joint venture agreement was signed in India, with POSCO Group Chairman Chang In-hwa and JSW Steel CEO Jayant Acharya in attendance. The agreement stipulates that POSCO and JSW Steel will each hold a 50 percent stake in the project, which will involve building an integrated steel mill that consolidates the entire production process at a single location.
POSCO is set to invest approximately 5.3 trillion won in the project. The plant, which will have an annual capacity of 6 million tons, is planned to be constructed in Odisha, eastern India, with completion expected by 2031.
The two companies had previously signed a memorandum of understanding in 2024 and a nonbinding heads of agreement last year for the project. POSCO CEO Lee Hee-geun remarked, "Through this joint investment, we will combine POSCO's innovative steel technology with JSW Group's strong local competitiveness. We will also strive to create future value, and contribute to the industrial development and economic growth of both countries."