POSCO to expand presence in India
South Korean steel giant POSCO reportedly will form a joint venture with South
Korea's LG Group to build a steel processing facility in
India, in an effort to strengthen its position in
India.
POSCO indicated that it would have a 65 percent stake in the joint venture worth Won 15.3 billion ($14.5 million), while the remaining 35 percent would be held by South
Korea's LG Corp.
The steel processing unit, which will be located in the western part of
India, will process electrical steel coils. The products will then be sold to the Indian market, where demand is strong.
The investment will help POSCO expand its existence in
India. As previously reported by SteelOrbis, POSCO signed a deal with the government of Orissa state for a $12 billion steel project.