POSCO, Uttam Galva group to set up steel plants in Maharashtra

Mumbai, Aug 11 (IANS) POSCO Korea and Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group, on Tuesday signed an agreement to set up an integrated steel manufacturing facility under a joint venture arrangement in Mahaarashtra.

The memorandum of agreement (MoA) will be followed by establishing a JV between the two companies for the proposed three million tonnes per annum integrated steel plants at Satarda in Sindhudurg district of Konkan in south Maharashtra in two phases.

This will be first greenfield steel plant in a joint venture by POSCO in India and will be in tune with Prime Minister Narendra Modi’s ‘Make in India’ initiative.

“We have been associated with POSCO across various aspects of the steel business over the years. Today’s signing signals our intention to further advance our collaboration with POSCO to a higher level on the value chain,” said Uttam Galva Group deputy managing director Ankit Miglanion the occasion.

He added that the future of the Indian steel Industry is “bright” and the country is poised to make a quantum leap on the global steel stage.

“This JV will help us to develop a world class integrated steel manufacturing facility in line with the government’s ‘Make in India’ initiative. We hope to with POSCO’s technical support create an integrated steel plant that will be a centre of manufacturing excellence,” Miglani said.

Uttam Galva Steels in engaged in procuring hot rolled steel and processing it into CR and further into GP and colour coated coils, with a manufacturing facility at Khopoli in Raigad district of Maharashtra.

Shree Uttam Steel and Power Ltd is fully owned by the Miglani family, the co-promoters along with ArcelorMittal, of Uttam Galva Steels Ltd, which is one of the largest manufacturer-exporter of value added steel products in India.

With products exported to 148 countries worldwide, the company received 19 consecutive Export Excellence Awards from the EEPC under the commerce ministry.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here