This comes on the heels of the two companies' announcement in October that they would also cooperate in the battery materials and renewable energy sectors in India, SteelRadar previously reported. Posco and JSW's signing of a memorandum of understanding (MoU) for a massive steel plant in Keonjhar will take place at the Utkarsh Odisha Make in Odisha program in Bhubaneswar on January 28-29. The plant aims to contribute to the industrialization of the region while at the same time increasing India's steel production capacity.
Keonjhar's Mineral Wealth and Development Steps
Keonjhar is Odisha's highest iron ore producing district, with estimated reserves of 5,900 million tons of iron ore. This rich resource will become even more valuable with the setting up of the steel plant. The state government sees this development as an opportunity to accelerate the long-awaited development of Keonjhar.
In August, the Odisha government had constituted a task force led by the chief secretary for setting up a steel plant in Keonjhar district. Speaking at the inauguration of a new bridge at Jhumpara village in Keonjhar, Chief Minister Majhi emphasized that the government is giving high priority to the development of the region.
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