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Karnataka now invites Posco
Karnataka is now wooing South Korean steel giant Posco to set up a mega unit in the mineral rich state, even as the company said it is committed to Rs 54,000 crore Orissa project.
Karnataka is now wooing South Korean steel giant Posco to set up a mega unit in the mineral rich state, even as the company said it is committed to Rs 54,000 crore Orissa project.
Posco said Karnataka visit was "exploratory" on state government's invitation. It did not comment on any new investment opportunities in India.
However, Karnataka's Commissioner for Industrial Development Raj Khatri said Posco has shown interest in setting up a six million tonne per annum steel plant in the state with an estimated investment of up to Rs 30,000 crore.
Karnataka's invitation to Posco comes on heels of it wooing another steel giant ArcelorMittal last month for setting up a six million tonne per annum unit.
Posco India Senior Vice-President Vikas Sharan said, "On invitation from industries department, the government of Karnataka, to see the opportunity available for setting up a steel project, Posco representative visited Karnataka."
Posco, which is facing problems in starting its proposed Orissa project, said the call was a "an exploratory courtesy visit" and it is committed to its Rs 54,000-crore plant in Orissa, which has witnessed inordinate delays due to tribal protests and regulatory clearances.
"This was just an exploratory courtesy visit on invitation. Our focus is now fully on expediting the Orissa project and getting it started at the earliest," Sharan said.
