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 Transport

15 Oct 2025

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..