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JSW Steel & POSCO Forge $5B JV for 6 MTPA Odisha Steel Plant

JSW Steel and South Korea's POSCO have announced plans for a 50-50 joint venture to establish a 6 million tonnes per annum integrated steel plant in Odisha by the end of 2026. The announcement was made by Kyunghoon Kim on social media platform X, ahead of a high-level India-South Korea summit. The project aims to strengthen domestic steel production capacity and enhance technological collaboration between the two nations. The development coincides with the visit of South Korean President Lee Jae Myung to New Delhi for talks with Prime Minister Narendra Modi, focusing on expanding economic cooperation.

Key Points: JSW Steel, POSCO JV for 6 MTPA Odisha Plant | Make in India

  • 50-50 JV by 2026
  • 6 MTPA integrated steel plant
  • Boosts domestic production & tech collaboration
  • Aligns with India-Korea summit
  • Strengthens Make in India push
2 min read

Make in India boost: JSW Steel, POSCO to set up 6 MTPA plant in Odisha

JSW Steel and South Korea's POSCO announce a 50-50 joint venture to build a 6 MTPA integrated steel plant in Odisha by 2026, boosting Make in India.

"Another example of a Korean company advancing 'Make in India' - Kyunghoon Kim"

New Delhi, April 19

In a significant boost to the Centre's Make in India push, JSW Steel and POSCO on Sunday announced plans to form a 50-50 joint venture to establish a 6 million tonnes per annum integrated steel plant in Odisha by the end of 2026.

The announcement, made by Kyunghoon Kim on the social media platform X, comes just ahead of the high-level summit between India and South Korea.

The proposed project is being seen as another major example of a Korean company advancing India's manufacturing ambitions under the Make in India initiative.

"Just before the Summit, a major announcement from Indian and Korean business giants: JSW Steel and POSCO will establish a 50-50 joint venture by end-2026 to set up a 6 MTPA integrated steel plant in Odisha," he said.

"Another example of a Korean company advancing 'Make in India," he added.

The planned steel plant in Odisha is expected to strengthen domestic production capacity while also enhancing technology collaboration between Indian and Korean firms.

It aligns with India's broader strategy to position itself as a global manufacturing hub and reduce dependence on imports in key sectors like steel.

The development gains added significance as South Korean President Lee Jae Myung is slated to arrive in New Delhi today for a two-nation visit, which also includes Vietnam.

During his visit, Lee is scheduled to hold talks with Prime Minister Narendra Modi, marking their third in-person meeting after previous interactions on the sidelines of global forums.

The summit is expected to focus on expanding cooperation in sectors such as shipbuilding, maritime industries, artificial intelligence and defence, along with addressing global energy supply chain uncertainties triggered by ongoing geopolitical tensions.

Officials have indicated that strengthening economic ties and supporting Korean businesses operating in India will be key priorities during the visit.

India has emerged as a crucial production hub and a fast-growing consumer market for South Korean companies, particularly in sectors like electronics, automobiles and heavy industries.

- IANS

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Reader Comments

P
Priya S
Great partnership! POSCO brings advanced technology, and JSW has the local expertise. Hope the environmental impact and land acquisition for the people of Odisha are handled sensitively. Development should be inclusive.
R
Rohit P
Steel plant by 2026? That's ambitious. Hope they stick to the timeline. Our infrastructure projects often get delayed. Fingers crossed this one delivers on time and boosts our manufacturing capacity.
S
Sarah B
Working in the manufacturing sector, I see this as a very positive step. Technology transfer from Korea will be key. We need to move up the value chain, not just produce more steel.
V
Vikram M
Good strategic move ahead of the summit. Strengthening ties with South Korea is smart—they are reliable partners in tech and heavy industry. This reduces dependence on other countries for critical materials.
K
Karthik V
While I welcome the investment, I have a respectful criticism. We must ensure these large plants don't lead to excessive pollution in Odisha. The state has beautiful ecology. Growth and sustainability must go hand-in-hand.
M
Michael C
This is exactly the kind of foreign collaboration India needs. POSCO is a world leader. If executed well, this plant can set a benchmark for quality and efficiency in Indian steel production.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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