- South Korea’s Posco joined Uttam Galva group to set up an estimated $3 billion steel plant in Maharashtra.
Shree Uttam Steel & Power Ltd is fully owned by the Miglani Family who are the co-promoters along with ArcelorMittal of Uttam Galva Steels Limited. The latter is one of the largest manufacturer-exporter of value added steel products in India.
- The steel plant would be set up by a joint venture (JV) where Posco will have 20 per cent stake while 80 per cent would be with Shree Uttam Steel and Power Ltd, an arm of Miglani family-run Uttam Galva Group.
- The project will pave way for Posco’s entry into the domestic market as it continues to battle regulatory hurdles for about a decade for its proposed $12 billion steel plant in Odisha.
- “This JV will help us to develop a world class integrated steel manufacturing facility in line with the with the government’s ‘Make in India’ initiative,” Miglani said.