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POSCO signs MoA with Shree Uttam for steel plant in Maharashtra

Earlier, General Motors moved from Gujarat to Maharashtra for its $1 billion investment and Foxconn announced a $5 billion investment in the state.

Written by Priyadarshi Siddhanta | New Delhi | Updated: August 11, 2015 4:01:55 pm
posco investment, maharashtra FDI, maharashtra investment, foxconn maharashtra, india FDI, posco india, business news, economy news, india news, mumbai news, maharashtra news FILE | An employee of POSCO walks next to a sculpture with POSCO’s logo at the company’s headquarters in Seoul October 21, 2011. (Source: Reuters)

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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