POSCO is exploring options for setting up a steel mill in India

South Korean steel giant POSCO has announced its intention to harness the enormous potential of India's burgeoning steel market by forming a joint venture with state-owned Rashtriya Ispat Nigam Limited (RINL) in Visakhapatnam, Andhra Pradesh.

Representatives of the POSCO company held a meeting with RINL representatives last week regarding the plans for the joint venture. In fact, this is the third such meeting of the two sides since the beginning of this year. A recent negotiation meeting was held during a visit to the RINL site by POSCO officials. It should be recalled that POSCO submitted an investment proposal to Minister of Steel Bina Kumar in July this year. The joint venture steel plant is expected to open up access to potential markets in Southeast Asia in addition to meeting domestic steel demand in the region.

POSCO previously missed its plan to build a 12 million ton steel plant in Jagatsingpur, Odisha with an investment of Rs 52,000 due to obstacles to acquiring land for the proposed facility.

Meanwhile, reports indicate that the South Korean ambassador to India, after meeting with the Odisha administration, has expressed interest in new investments in the state. Speaking to the media, he said that the excellent business environment and infrastructure make the state a profitable place for investment.