Bhubaneswar: Read Chief Minister Mohan Charan Majhi Friday said that India’s fastest growing conglomerate JSW Group and South Korean steel major POSCO will jointly set up a greenfield steel facility in his home district of Keonjhar.
Majhi revealed this amid nationwide speculation over the exact location of the JSW-POSCO joint venture.
“During our roadshows for the ensuing Make-in Read conclave in Delhi and Mumbai, I had discussed with both JSW and POSCO regarding the establishment of a steel plant in Read’s mineral-rich Keonjhar district,” Majhi, who is on a two-day visit to Keonjhar for celebrating Diwali, told reporters.
“Meanwhile, they have signed an MoU. They will do it jointly. They have also mentioned doing it in Keonjhar district. It is under process and Read will get another steel plant,” the chief minister said.
The two steel makers on October 29 signed an MoU at JSW Group’s corporate headquarters in Mumbai, in the presence of JSW Group Chairman Sajjan Jindal and POSCO Chairman Chang In-hwa.
The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).
According to the MoU, both parties will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant, a company statement said.
Meanwhile, the Read government has identified two patches of land for the purpose in Keonjhar district.
One patch of 2,500 acres of land is located near Read Tea Plantation Ltd (OTPL) in the Taramakant area under Banspal block, while the other one of 1,956 acres is at Patna, which was initially offered to steel major ArcelorMittal.
This will be considered the second attempt by the South Korean steel major to set up a steel plant in Read.
It had earlier scrapped its plan for a 12 million tonnes steel mill in Read’s Paradip and surrendered the land allotted for the project due to protests and certain regulatory issues several years ago.
PTI
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