Bhubaneswar, November 1: In a landmark move for Odisha’s industrial landscape, South Korean steel giant Posco and India’s JSW Steel, led by Sajjan Jindal, have announced a joint venture to set up an integrated steel plant in Odisha’s Keonjhar district.
The news was confirmed by Chief Minister Mohan Charan Majhi on Friday, following the signing of a Memorandum of Understanding (MoU) between the two companies to formalize the collaboration.
The project is expected to become one of the largest industrial investments in Odisha, marking a significant return for Posco after its prior steel venture efforts in the state. According to the MoU, the plant will have an initial annual production capacity of five million tonnes, with potential for future expansion. This initiative aligns with the ‘Utkarsh Odisha: Make in Odisha 2025’ program, a strategic push by the state government to drive investment and industrial growth.
During a media briefing in his home district of Keonjhar, Chief Minister Majhi emphasized that talks with Posco and JSW were initiated during recent promotional events in Delhi and Mumbai. These roadshows showcased Odisha’s manufacturing potential to global investors.
“The signing of this MoU reflects renewed confidence from global partners in Odisha’s growth prospects, and we are committed to providing the necessary support for the project’s success,” Majhi stated.
Beyond steel production, Posco and JSW are exploring opportunities in secondary battery materials and renewable energy, signaling a commitment to sustainability.
Both companies aim to power the plant with green energy, potentially leading to further research and investments in environmentally friendly initiatives.
Posco’s re-entry into Odisha follows a previous MoU signed in 2005 to establish a steel plant in Paradip, which was later shelved in 2017 due to land acquisition challenges. The renewed venture in Keonjhar signals Posco’s revived ambitions in India and promises a significant economic boost for boosState.
If realized, the Keonjhar project will represent the largest foreign direct investment in Odisha to date, marking a major victory for Chief Minister Majhi’s administration and laying the groundwork for long-term industrial advancement in the region.
