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.