The initial investment in the project will amount to 200 billion rupiahIndia’s JSW Steel and South Korea’s POSCO intend to jointly invest 650 billion rupees (about $7.73 billion) in the construction of a steel plant in the eastern Indian state of Odisha. The cooperation agreement between JSW Steel and POSCO was signed last week, although the parties did not disclose specific financial details of the deal. According to sources, the initial investment in the project will amount to 200 billion rupees, and the plant is planned to be commissioned next year. Within three years, the company’s production capacity should increase to 18 million tons per year, which will require a full investment of $7.73 billion. As GMK Center reported earlier, JSW Steel plans to invest $1 billion in decarbonizing its facilities.

Source: Economic Times November 05, 2024 17:41 UTC