JSW, Posco to jointly establish Rs 65,000 crore steel plant in Dhinkia
PARADIP: Jagatsinghpur MP Bibhu Prasad Tarai on Thursday said JSW will set up its Rs 65,000 crore steel plant in Dhinkia in collaboration with Posco.
The two companies have already signed the memorandum of understanding (MoU) for the project in Mumbai, he said. The Sajjan Jindal-led JSW Group has planned to set up an integrated steel manufacturing complex in Paradip. The complex will include a steel plant with 13.2 MTPA capacity, a cement factory, a captive power unit and a cargo handling facility.
Last year, JSW had laid the foundation for the steel plant in Dhinkia. Proposed in 2018, the state government had handed over land acquired for Posco’s 12 MTPA steel project to JSW. With Posco, a giant in steel manufacturing, joining the project, the joint venture is expected to succeed and create thousands of employment opportunities. The state government has already transferred 2,958 acre of land in Jagatsinghpur district, initially acquired for Posco, to JSW, he said.
Additionally, ArcelorMittal Nippon Steel India is set to establish another steel plant in Paradip. Back in 2005, Posco, then the world’s fourth largest steelmaker, had signed an MoU with the Odisha government to set up a 12-million-tonne steel project in Jagatsinghpur district. The Rs 52,000 crore project was seemingly the biggest foreign direct investment in India. However, due to resistance and protests, Posco withdrew from the project in 2017. The land acquired for the project was later handed over to JSW for setting up its steel plant in Dhinkia.