Posco ties up with Uttam Galva firm for plant in Maharashtra

South Korea's POSCO, whose plans to set up a steel plant in Orissa 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.

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.

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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.”