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POSCO Looks To Establish Indian Mill Through JV
08/12/2015 - Two steel manufacturers are proposing to build a US$3 billion integrated plant in India that might one day produce 3 million tonnes annually, The Times of India reports.
According to the Times, South Korea's POSCO and India's Shree Uttam Steel and Power, part of Uttam Galva Group, signed a memorandum of agreement for the joint venture on 11 August.
"We have been associated with POSCO across various aspects of the steel business over the years. Today's signing signals our intention to further advance our collaboration with POSCO to a higher level on the value chain,"Ankit Miglani, deputy managing director at Uttam Galva, told the Times.
"This JV will help us to develop a world class integrated steel manufacturing facility in line with the with the government's 'Make in India' initiative. Together, we hope to create an integrated steel plant that will be a center of manufacturing excellence," he said.
According to the Times, the project is to be built in two phases, the first of which would be capable of producing 1.5 million tonnes annually, according to the Times.
The Times said that the Miglani family, the promoters of Uttam Galva Group, will hold an 80-percent stake in the joint venture at the outset, but POSCO will have the option to increase its stake to 50 percent later on.
"We have been associated with POSCO across various aspects of the steel business over the years. Today's signing signals our intention to further advance our collaboration with POSCO to a higher level on the value chain,"Ankit Miglani, deputy managing director at Uttam Galva, told the Times.
"This JV will help us to develop a world class integrated steel manufacturing facility in line with the with the government's 'Make in India' initiative. Together, we hope to create an integrated steel plant that will be a center of manufacturing excellence," he said.
According to the Times, the project is to be built in two phases, the first of which would be capable of producing 1.5 million tonnes annually, according to the Times.
The Times said that the Miglani family, the promoters of Uttam Galva Group, will hold an 80-percent stake in the joint venture at the outset, but POSCO will have the option to increase its stake to 50 percent later on.
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