South Korea's POSCO has agreed to tie up with state-run Steel Authority of India Ltd to build a USD 3.3 billion steel plant in eastern India, the Business Standard reported on Friday.
The plant with an initial production capacity of 3 million to 4 million tonnes a year is expected to be located in the mineral-rich state of Jharkhand, the newspaper said.
It quoted a POSCO spokesman as saying details of the agreement were being worked out.
Officials at SAIL and POSCO could not immediately be reached by Reuters for a comment.
SAIL was in talks with POSCO to increase cooperation between the two Asian steelmakers, SAIL Chairman S.K. Roongta had told Reuters last month, without specifying if those talks included jointly setting up aplant in India.
An Indian newspaper had reported last month that SAIL and POSCO, the world's 4th-biggest steelmaker, were discussing a joint steel plant at a site in eastern India that SAIL owns, at a cost of Rs 100 billion.
The Business Standard reported, quoting industry sources, the POSCO-SAIL project could be linked to the Indian firm's proposed 12-million-tonneplant in Bokaro city in Jharkhand, which would give POSCO access to iron ore supplies.
Lable Steel/Metals Sector,SAIL,POSCO,tie up
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