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SEOUL, April 20 (Yonhap) -- South Korea's POSCO Group said Monday it has signed a final agreement with India's JSW Steel to jointly invest 10.7 trillion won (US$7.3 billion) to build a steel plant in India, as part of its strategy to establish a production hub in the South Asian country and strengthen its global supply chain.
The two companies signed a joint venture agreement in India, attended by POSCO Group Chairman Chang In-hwa and JSW Steel Chief Executive Officer (CEO) Jayant Acharya, according to POSCO Group.
Under the agreement, POSCO and JSW Steel will each hold a 50 percent stake in the project to build an integrated steel mill encompassing the entire production process at a single site.
POSCO will invest about 5.3 trillion won in the project.
The plant, with an annual capacity of 6 million tons, will be built in Odisha, eastern India, with completion targeted for 2031.
POSCO and JSW Steel previously signed a memorandum of understanding in 2024 and a nonbinding heads of agreement last year for the project.
"Through this joint investment, we will combine POSCO's innovative steel technology with JSW Group's strong local competitiveness," POSCO CEO Lee Hee-geun said. "We will also strive to create future value, and contribute to the industrial development and economic growth of both countries."
Officials from POSCO Group and JSW Steel pose for a photo after signing a joint venture agreement in India on April 20, 2026, in this photo provided by POSCO Group. (PHOTO NOT FOR SALE) (Yonhap)
brk@yna.co.kr
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