Korean steel company’s India project takes off

A week after a foreign direct investor revived its Rs 45,000-crore project, another FDI-funded project took off on Monday.

A week after a foreign direct investor revived its Rs 45,000-crore project, another FDI-funded project took off on Monday.

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POSCO India, a subsidiary of POSCO, the world’s fourth largest steel producer from Korea, assured to invest more in the state after it laid foundation of Rs 4,800-crore steel plant at Vile Bhagad in Raigad on Monday. The company plans to complete the project in three years.

Last Sunday, FDI major Gulf Finance House started working on the economic development zone near Panvel, some 70 km from here.

POSCO India has another project in Talegaon industrial estate that was completed in record time in 2007. It has other major plants in Orissa.

The company’s Chief Executive Officer Joon Yang Chung told Chief Minister Ashok Chavan that they will expand Raigad project soon.

“Maharashtra is one of the most investor-friendly states, so we have decided to invest more here henceforth,” Chung told Chavan.

Chavan assured Chung all support. “I’m happy that to you have chosen our state for investment.”

The memoranda of understanding for Talegaon and Raigad projects were signed when Chavan was industry minister.

Chavan has been convincing all the investors, who entered into agreement with the state but held on due to the global slowdown, to revive their investments proposals.