Mumbai/New Delhi : South Korea’s Posco joined Uttam Galva group to set up an estimated $3-billion steel plant in Maharashtra — the first Indian facility for the global giant whose $12-billion proposed project in Odisha has been stuck in regulatory tangles for a decade, reports PTI.
The 3 million tonne integrated steel plant at Satarda in Maharashtra would be set up by a joint venture (JV) where Posco will have 20 per cent stake while 80 per cent would be with Shree Uttam Steel and Power Ltd, an arm of Miglani family-run Uttam Galva Group.
It will initially build 1.5 million tonne per annum (MTPA) plant with a new technology from Posco at a cost of about $1.5 billion.
Shree Uttam Steel and Power is owned by the co-promoters of Uttam Galva Steels Ltd, which is jointly owned by Lakshmi Mittal- led ArcelorMittal.
This is the second major manufacturing facility announced in Maharashtra within a week, after Taiwan’s contract electronics manufacturer Foxconn this weekened announced a USD 5 billion investment for a plant in the state.
Last month, Posco said it has shifted its focus from the USD 12-billion proposed steel plant in Odisha, citing “no progress” in the project.
