Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group and POSCO Korea, today signed a Memorandum of Agreement to set up an integrated steel manufacturing facility under a Joint Venture arrangement in India.
The agreement was signed in Mumbai today.
The memorandum of agreement is the first step of a process to establish a JV between the two companies, they said.
The proposed JV plans to set up 3 MTPA integrated steel plant at Satarda in Maharashtra in two phases.
Mr. Ankit Miglani of Uttam Galva said “We have been associated with POSCO across various aspects of the steel business over the years. Today’s signing signals our intention to further advance our collaboration with POSCO to a higher level on the value chain. Also we feel that the future of the Indian Steel Industry is bright and we are poised to as a nation make a quantum leap on the Global Steel stage. 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. We hope to with POSCO’s create an integrated steel plant that will be a centre of manufacturing excellence”.
Shree Uttam Steel & Power Ltd is fully owned by the Miglani Family who are the co-promoters of Uttam Galva Steels Limited with ArcelorMittal.
Uttam Galva Steels Limited is one of the largest manufacturer-exporter of value added steel products in India. The Company is in the business of procuring hot rolled steel and processing it into CR and further into GP and Colour Coated Coils.
The Company’s manufacturing facilities are located at Khopoli, in the state of Maharashtra, India, which are close to both Nhava Sheva and Mumbai ports. The Company’s products are currently exported to 148 countries worldwide.