New Delhi/Bhubaneswar: In a significant boost to the Centre’s Make in India push, JSW Steel and POSCO 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
