JSW Steel, South Korea's POSCO Group join hands to set up 6 MTPA steel plant in India
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.
In a statement on Monday (August 18, 2025), JSW Steel said it has signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India.
Given its natural resource base and logistical advantages, Odisha is among the key locations being considered.
'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 steelmaker said.
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.
'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,' JSW Steel's Acharya said.
The agreement marks a significant step toward deepening strategic collaboration between JSW Steel and the POSCO Group of South Korea.
'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 his company's commitment to supporting India's industrial growth while creating long-term value for both organisations,' POSCO Holdings' Lee Ju-tae said.
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.
In 2022, POSCO Group, leading industrial group in South Korea, had signed a pact with Adani Group to explore business opportunities in sectors like steel, renewable energy among others.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
9 hours ago
- News18
Delhi HC upholds Will of Luxor Founder DK Jain; dismisses daughters appeals
New Delhi [India], August 19 (ANI): The Delhi High Court on Tuesday upheld the validity of the Will of late industrialist Davinder Kumar Jain (DKJ), founder of the Luxor Group, dismissing challenges raised by his daughter Priya Jain. A Division Bench of Justice Anil Kshetarpal and Justice Harish Vaidyanathan Shankar affirmed the May 27, 2025 order of a Single Judge, which had granted probate of DKJ's December 11, 2004 Will in favour of executor Sanjay Kalra. As a result, Priya Jain's separate partition suit over her father's estate was also rendered its verdict on Tuesday, the Bench confirmed that the probate granted earlier in favour of Usha Jain, widow of DKJ, stood legally valid. The Court stated that the Will vested DKJ's entire estate, including his substantial business interests and a 50 per cent stake in Delhi's iconic Qutab Hotel, in her name, subject to succession passing to the children if she predeceased him. Priya Jain had alleged that the Will was forged and fabricated, citing variations in the spelling of her father's name ('Davinder" vs. 'Devendra"), discrepancies in heirs' recorded ages, absence of codicils despite expansion of assets, and its emergence only after DKJ's death in 2014. She further contended that the signatures required a forensic Division Bench rejected these objections, holding that attesting witness Mahesh Kumar Gupta confirmed DKJ signed the Will in his presence and that of another witness, testimony that withstood cross-examination. The Court pointed out Priya had herself acknowledged the Will's validity in multiple documents, including a 2014 Memorandum of Understanding, and had benefited financially through share transfers and release of fixed deposits. Spelling differences and the Will's unregistered status were deemed immaterial, as registration is not mandatory under the Indian Succession Act, 1925. The Court held probate could lawfully be granted to one executor under Section 311 ISA, even without the co-executor Bench also dismissed allegations of undue favours to witnesses and refused to draw adverse inferences from the fact that Usha Jain did not personally that the Will 'stood duly proved in accordance with law, free from suspicious circumstances, and reflective of the testator's volition," the Court dismissed both appeals and disposed of all pending applications. Senior Advocates Mukul Rohatgi and Darpan Wadhwa, assisted by Karanjawala & Co. partners Ruby Singh Ahuja, Vasu Singh, Megha Dugar, Tribhuvan N. Singh, and Aditi Mohan, represented Usha Jain. Priya Jain was represented by Senior Advocate Harish Malhotra with Advocate Rajiv Bahl. Another family member, Pooja Jain, was represented by Senior Advocate Rajiv Nayar and Darpan Wadhwa with the same legal team. (ANI)
Economic Times
12 hours ago
- Economic Times
Deploy Bull Call Ladder in JSW Steel stock to benefit from bullish outlook
JSW Steel shares are currently trading at Rs 1,079 and have been consolidating in a wide trading range near their higher levels, indicating a strong base formation. On the daily timeframe, the stock has recently formed an Ascending Triangle pattern, a bullish continuation formation, supported by consistent trading volumes. 123382159'This price action signals sustained accumulation and growing strength within the stock has now given a
New Indian Express
17 hours ago
- New Indian Express
Odisha emerges key location for JSW Steel-POSCO plant
Leading steelmaker JSW Steel and South Korea's POSCO Group have signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonne per annum (MTPA) integrated steel plant in India. Odisha is among the key locations being considered for the plant with the site most likely to be in Keonjhar, the home district of Chief Minister Mohan Charan Majhi. The HoA builds on the MoU signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture towards establishment of an integrated steel plant in the country with an initial capacity of 5 MTPA. The partnership also aims to explore synergies in battery materials and renewable energy.
