Posco, SAIL in talks for setting up a steel plant.

Talks are on between South Korean steel major Posco and state-run domestic giant SAIL to set up an integrated steel plant, the government recently said.

'SAIL and Posco recently discussed possible collaboration opportunities including setting up of an integrated steel plant,' Minister of Steel and Mines Narendra Singh Tomar told Lok Sabha in a written reply.

'The discussions are at a very preliminary stage,' he added.

On Posco's USD 12 billion Odisha project, considered the largest FDI in India, Tomar in his reply said, 'The Memorandum of Understanding (MoU) of Posco, for setting up of a mega steel plant at Jagatsinghpur in Odisha has not yet been renewed by the State Government.'

The steel maker's proposed project in Odisha has been stalled for about a decade on account of regulatory hurdles, including delays in land acquisition.

With this project for producing 12 million tonne per annum (MTPA) steel stalled for long, Posco has been exploring other investment opportunities in India.


ET