Posco to set up 1st steel plant in India.

The $2-billion Uttam Galva Group has roped in Korean giant Posco to set up an integrated 3 million tonne per annum steel manufacturing facility in Sindhudurg district of Maharashtra at a cost of $3 billion (Rs. 19,000 crore). This will be Posco's first steel plant in the country, with its plan to set up own greenfield unit in Odisha being delayed by almost 10 years due to environmental and land clearances.

It is also the fourth big investment announcement in Maharashtra in a week, and will be the Korean giant's second facility in the state. Earlier this year, the company had inaugurated a state-of-the-art $709-million cold-rolling mill in Mangaon with a capacity of 1.8 mtpa.

Interestingly, another global steel major, Arcelor Mittal, has already acquired a stake in Uttam Galva Steels, the flagship of the Uttam Galva Group.

Last week, General Motors announced an investment of $1 billion to set up a manufacturing unit in the state, while Anil Ambani-owned Reliance Group announced an investment of $1 billion for setting up a defence city in Nagpur. Foxconn (known as Hon Hai in Taiwan), which makes iPhones for Apple, followed with an investment of $5 billion to set up a manufacturing facility in Maharashtra.

TOI