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
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
