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JSW Steel, POSCO to explore setting up steel plant in India
JSW Steel (JSTL.NS), and South Korea's POSCO (005490.KS), have entered a deal to explore setting up an integrated steel plant in India, the country's largest steelmaker by market capitalisation said on Monday.
The steelmakers are yet to finalise the location and its financial details, but flagged that Odisha state is among the key locations being considered for the 6 million tonne per annum (MTPA) capacity plant.
Last year, the two companies entered a deal to set up another integrated steel plant with initial capacity of 5 MTPA in Odisha. In November, Reuters reported that the firms plan to invest 650 billion rupees ($7.44 billion) in the proposed plant.
The Indian firm had said last year it would also explore a collaboration with POSCO on battery materials for electric vehicles as well as renewable energy.
Source: Reuters
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