JSW Steel, POSCO to Explore Joint Venture for 6 MTPA Steel Plant in India.

JSW Steel, India's leading steel producer, and South Korea's POSCO Group, a global giant in the steel industry, have formally agreed to explore a joint venture to establish a new 6 million tonnes per annum (MTPA) integrated steel plant in Odisha.

The two companies signed a non-binding Heads of Agreement, which outlines the broad framework for a potential 50:50 joint venture. This agreement follows up on a Memorandum of Understanding (MoU) that was signed by both parties last October.

According to a statement from JSW Steel, the next phase will involve a detailed feasibility study. This study will be critical in finalizing key details such as the plant's exact location, the terms of the investment, the availability of resources, and other essential factors. The partnership aims to combine JSW's strong presence in the Indian market with POSCO's advanced technology and global expertise.