India-based Shree Uttam Steel and Power Limited, owned by the Miglani family, has signed a memorandum of understanding with South Korean steelmaker POSCO to build a 3 million mt per year integrated steel plant and a 150 MW of captive power plant in India. The estimated cost of the project is INR 200 billion ($3 billion).
Construction is scheduled to commence in September 2016. The first phase will include setting up a 1.5 million mt per year steel mill.