JSW Group & POSCO to jointly set up steel plant in Odisha’s Keonjhar

JSW Group, a major industrial conglomerate in India, has announced its plans to establish a steel plant in collaboration with POSCO, a South Korean steel manufacturer, in Keonjhar.

Sajjan Jindal, Chairman of the JSW Group, disclosed this development in an exclusive interview with OTV (Odisha Television Limited) during Utkarsh Odisha Conclave on Tuesday, highlighting the ongoing discussions and potential investment of between Rs 30,000 and 40,000 crore in the venture.

The collaboration between JSW and POSCO is poised to boost the industrial landscape of Keonjhar, a district known for its rich mineral resources. The proposed steel plant is expected to enhance local employment opportunities and stimulate economic growth in the region.

In addition to the Keonjhar project, Jindal also provided updates on the progress of a 12 million-tonne capacity steel plant in Paradip, where work is actively underway.

Must Read: Utkarsh Odisha Conclave: IOCL to invest Rs 70,000 Crore in Odisha

Furthermore, Jindal also revealed plans for the expansion of the Bharat Petroleum Corporation Limited (BPCL) facility in Jharsuguda. This move aligns with the broader growth strategy of JSW in Odisha.

JSW Group has committed to a substantial total investment of 1 lakh crore rupees in Odisha over the next five years, demonstrating its long-term commitment to the region’s development.

“Odisha is a mineral-rich state and JSW group is in the mineral business. We have the program of steel plant expansion in Paradip and expansion of BPCL in Jharsuguda. We will also set up a steel plant in Keonjhar. We are going to invest around Rs, 1,00,000 crore in Odisha in the next five years,” said Jindal.

“POSCO is interested in setting up a plant in Keonjhar and we are in discussion with them. Around Rs 30,000-40,000 crore will be invested in the proposed plant,” he added.