South Korea鈥檚 Posco seeks to revive Odisha steel plant plan
22 Apr 2021
2 Min Read
CW Staff
South Korean steel manufacturer Posco plans to set up an integrated steel plant in Odisha with an investment of approximately Rs 90,000 crore, the country's ambassador Shin Bongkil said at a virtual roundtable meeting.
During the virtual roundtable 鈥楽outh Korea and Odisha: Promoting Bilateral Business Opportunities鈥�, organised by the Indian Chamber of Commerce (ICC) in association with Industrial Promotion and Invest Corporation of Odisha Ltd (IPICOL), Bongkil said the steel company plans to make one of the single largest foreign direct investments (FDI) in the history of India with an investment of around Rs 90,000 crore to set up an integrated steel plant in Odisha.
The announcement from the South Korean ambassador came after four years of scrapping the greenfield project. In February 2017, Posco had communicated its intention to surrender the 1,880 acres of land handed over to it by Odisha Industrial Development Corporation (IDCO), saying that it had no intention to use it urgently.
The project ran into bottlenecks and did not get a firm commitment from the Odisha government to get captive mines for the proposed plant following changes in the Mines and Minerals (Development and Regulations) Act, 1957.
Informing that 66 new Korean companies have entered India in the last year or so, Bongkil said these companies have invested Rs 125.80 crore in 2020 as compared to Rs 156.51 crore in the previous year.
Young Seaon Park, Director of Korea Trade-Investment Promotion Agency, said the Korean companies are eager to work in the areas of renewable energy, water treatment and smart city projects. Business-to-business meetings will be organised in September this year, for exploring opportunities in smart city projects.
Also read:
Also read: ArcelorMittal Nippon to build mega steel plant
South Korean steel manufacturer Posco plans to set up an integrated steel plant in Odisha with an investment of approximately Rs 90,000 crore, the country's ambassador Shin Bongkil said at a virtual roundtable meeting.
During the virtual roundtable 鈥楽outh Korea and Odisha: Promoting Bilateral Business Opportunities鈥�, organised by the Indian Chamber of Commerce (ICC) in association with Industrial Promotion and Invest Corporation of Odisha Ltd (IPICOL), Bongkil said the steel company plans to make one of the single largest foreign direct investments (FDI) in the history of India with an investment of around Rs 90,000 crore to set up an integrated steel plant in Odisha.
The announcement from the South Korean ambassador came after four years of scrapping the greenfield project. In February 2017, Posco had communicated its intention to surrender the 1,880 acres of land handed over to it by Odisha Industrial Development Corporation (IDCO), saying that it had no intention to use it urgently.
The project ran into bottlenecks and did not get a firm commitment from the Odisha government to get captive mines for the proposed plant following changes in the Mines and Minerals (Development and Regulations) Act, 1957.
Informing that 66 new Korean companies have entered India in the last year or so, Bongkil said these companies have invested Rs 125.80 crore in 2020 as compared to Rs 156.51 crore in the previous year.
Young Seaon Park, Director of Korea Trade-Investment Promotion Agency, said the Korean companies are eager to work in the areas of renewable energy, water treatment and smart city projects. Business-to-business meetings will be organised in September this year, for exploring opportunities in smart city projects.
Image Source
Also read: Odisha approves eight new industrial projects worth Rs.12.42 bn
Also read: ArcelorMittal Nippon to build mega steel plant
Next Story
Rs 64 Billion Boost for Rail Links in Three States
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved two major railway infrastructure projects worth Rs 64.05 billion (approximately USD 770 million), aimed at enhancing connectivity and freight capacity across Jharkhand, Karnataka, and Andhra Pradesh.The approved projects involve the doubling of the Koderma鈥揃arkakana and Ballari鈥揅hikjajur railway lines, extending the Indian Railways network by 318 kilometres. These upgrades are expected to significantly reduce rail congestion, improve operational efficiency, and strengthen the logistics n..
Next Story
Hindustan Copper To Invest Rs 20 Billion In Expansion
State-run Hindustan Copper Ltd (HCL) will invest approximately Rs 20 billion (USD 240 million) over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, according to Chairman and Managing Director Sanjiv Kr Singh.This capital expenditure forms part of the company's broader plan to triple its annual ore production capacity from 4 million tonnes to 12.2 million tonnes by the 2030鈥�31 financial year. The investment will be funded entirely by HCL and excludes separate revival efforts for the Rakha and Chapri mine..
Next Story
YEIDA Clears Rs 100 Billion Noida Film City Plan
The Yamuna Expressway Industrial Development Authority (YEIDA) has approved the revised layout plan for the ambitious Noida Film City project, clearing the way for the Rs 100 billion (approx. USD 1.2 billion) venture after earlier objections. The approval, granted on 10 June, follows the rectification of environmental and safety compliance issues by the developer consortium led by film producer Boney Kapoor.YEIDA had initially rejected the proposal on 27 May due to violations of designated green areas and the absence of mandatory no-objection certificates (NOCs). These issues have now been res..
