Bullish on India, Posco may have another go at setting up greenfield unit

Joint working group with Posco and RINL representatives will be formed to implement investment on land owned by Rashtriya Ispat Nigam Ltd (RINL) at Vizag

Five years after Posco scrapped a $12-billion project in Odisha over delays and local opposition, the South Korean steel major is taking a fresh look at setting up a greenfield plant in India. 

At a meeting facilitated by the Ministry of Steel last month, it was agreed that a joint working group would be formed to implement a memorandum of understanding for investment on land owned by Rashtriya Ispat Nigam (RINL) at Vishakhapatnam. The working group will have representatives from Posco and RINL. Though exploratory talks with the public sector steel firm have been going on, these have picked up