Financial Daily from THE HINDU group of publications
Thursday, Apr 27, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 27, 2006 |
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Corporate
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Outlook Industry & Economy - Steel Posco to invest $200 m this year Mamuni Das
Hannover , April 26 South Korean steel major Posco today said it would invest $200 million this year for its upcoming 12-million-tonne manufacturing plant in India. Moreover, the company was open to allotting preferential equity shares to the workers displaced by the steel plant in the State, if any rehabilitation and resettlement policy being finalised by the Government calls for it. "We had brought $50 million capital last year. This year we will be investing $200 million," said Mr Cho Soung-Sik, Managing Director, Posco India.
Likely investments
Meanwhile, selling itself as the preferred investment destination of metal majors, the Orissa Government today urged German companies to invest in ancillary industries, and downstream and construction phase projects of mining, steel, aluminium and petrochemicals. The State expects investment of $31.9 billion through 43 MoUs signed for setting up steel plant projects with 58-million-tonne capacity. Further, Mr Soung-Sik said the company expects to get mining licence for iron ores from the State Government by next year, and added that it would get technology from foreign collaborators and mining would be done by Indian mining contractors. Posco has applied for 4,000 acres for its steel plant. The State Government officials said there were no problems with land acquisition, as about 3,500 acres was owned by the Government.
More Stories on : Outlook | Steel | Preferential Allotments
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