Indian state-owned steelmaker Steel Authority of India (SAIL) and South Korean steel giant POSCO are in talks to enhance cooperation between the two companies and set up a joint new plant in India.
An Indian newspaper reported on February 11 that the two companies are negotiating for the initiative to build a plant at a site in eastern India that SAIL owns, at a cost of Rupees 100 billion ($2.15 billion).
According to a news report by the Times of India, a site has been offered for the plant in the industrial town of Kulti, Burdwan, about 200 km from Koklata, on land belonging to Growth Works, a non-operational SAIL-owned plant. On February 9, four top POSCO officials, including two general managers, visited the Kulti plant.