Representative image.
Credit: Reuters File Photo
Bengaluru: JSW Steel has signed a non-binding heads of agreement (HoA) with South Korea’s steel giant POSCO Group, to jointly explore setting up of a 6 million tonnes per annum (MTPA) integrated steel plant in India.
This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture.
The HoA was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President, POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO, JSW Steel.
As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalise the plant’s location, investment terms, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered, JSW Steel said in a statement.
Jayant Acharya said, “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets.”
Lee Ju-tae added, “India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations."
JSW Steel is the flagship business of the $23 billion JSW Group and India’s leading integrated steel producer with a consolidated capacity of 35.7 MTPA, including 1.5 MTPA in the United States. It operates India’s largest single-location steel plant at Vijayanagar in Ballari district.