South Korean steel firm POSCO on Tuesday signed a memorandum of agreement (MoA) with Shree Uttam Steel and Power Limited, to explore the possibility of setting up a steel plant jointly with the Korean firm in Maharashtra at an estimated cost of Rs 20,000 crore.
POSCO’s investment is the third foreign investment in Maharashtra in a matter of few weeks. Earlier, General Motors moved from Gujarat to Maharashtra for its $1 billion investment and Foxconn announced a $5 billion investment in the state.
The company is part of the Uttam Galva group promoted by the Miglani family which already has a partnership with the world’s biggest steel maker Arcelor Mittal. When contacted POSCO India general manager I G Lee told this newspaper that the MoA would explore setting up of the steel plant somewhere in the Western region.
A steel ministry source said POSCO is keen to set up a 3 million tone per annum steel plant in Maharashtra for which an estimated investment of about Rs 20,000 crore would be needed.
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