Posco India to set up steel plant in Sanand

Ahmedabad: Posco India, the subsidiary of the South Korea headquartered company, will invest $20 million to set up a steel plant in Sanand in Ahmedabad. The plant will produce steel sheets to meet demand from automobile companies that have made a hub in Sanand.

"The plant will come up on 40,000 sq meters in Sanand and have production capacity of 1,00,000 tonnes annually. The plant will basically produce steel sheets as per the needs of automobile companies," said Lee In Gweon, general manager, Posco India (Steel) on the sidelines of 'Korea Day' celebrations in Ahmedabad on Wednesday.

The proposed steel plant will start production by mid-2016 and provide employment to 200 people in the initial phase. "Depending on the initial business we also plan to expand the plant in the next few years. The production may start as early as we get the land from GIDC," added Gweon.

A 60-member delegation led by Joon-gyu Lee, ambassador of Republic of Korea was in city to celebrate 'Korea Day' to promote relations between Korea and Gujarat.

The Korean ambassador was accompanied by Korean government officials, corporate executives and cultural performers.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.