South Korea's Posco whose plans to set up a steel plant in Odisha have been in limbo for 10 years, has signed an agreement with Shree Uttam Steel and Power Ltd, to set up a 3 million tonne a year factory at Satarda in Maharashtra.
The agreement was signed in Mumbai on Tuesday morning.
Shree Uttam is part of the Uttam Galva group promoted by the Miglani family of Kolkata, which already has a partnership with another global steel company, Arcelor Mittal. The two are co-promoters of Uttam Galva Steels Limited.
Tuesday's agreement is the first step of a process to establish a joint venture between the two companies.
Ankit Miglani of Uttam Galva said in a statement: “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.”