South Korea’s steel giant POSCO Group to invest in India:New Delhi Seoul to sign MOUs

A South Korean company will establish a steel plant in Odisha in partnership with an Indian firm. South Korea’s POSCO Group has entered into a Joint Venture Agreement with India’s JSW Steel Limited to establish a greenfield integrated steel plant in the southern state of India. According to a regulatory filing, the partnership will be executed through Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel. Saffron Resources currently possesses 887 acres of land in Odisha. The POSCO Group will invest a minimum of approximately ₹508.8 crore. The collaboration aims to deepen strategic ties between the two major steel producers. South Korean President in India President of South Korea, Lee Jae-myung, accompanied by First Lady Kim Hea-kyung, arriving in India on Sunday, marking a significant pivot in New Delhi-Seoul relations, being the first state visit by a South Korean leader in over eight years. Global South diplomacy South Korean President’s visit is being framed as a crucial step for South Korea’s ‘Global South’ diplomacy and a ‘reboot’ of the Special Strategic Partnership between the two nations. Special Strategic Partnership India and South Korea elevated their ties to a ‘Special Strategic Partnership’ in 2015, and since then, cooperation between the two countries has broadened significantly. Both sides have focused on enhancing collaboration in areas such as the following: The arrival of the South Korean President is expected to provide fresh momentum to ongoing bilateral initiatives and open discussions on expanding trade and investment opportunities. Honoured to call on President @Jaemyung_Lee of the Republic of Korea as he begins his State Visit to India. Value his commitment to deepen India – Korea relations across multiple domains. Confident that his talks tomorrow with PM @narendramodi will further strengthen our Special Strategic Partnership.
-External Affairs Minister (EAM) S Jaishankar said on ‘X’ on Sunday