South Korea’s Posco seeks to revive Odisha steel plant plan

22 Apr 2021 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 ‘South Korea and Odisha: Promoting Bilateral Business Opportunities’, 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

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..