Express News Service reported that South Korea steel giant POSCO is close to setting up a steel manufacturing plant in Gujarat to produce 100,000 tonne of Cold Rolled Grain Oriented electrical steel per annum.

Mr Gautam Nagarsheth chairman of POSCO Poggenamp Electrical Steel Pvt Ltd, a joint venture company where the South Korean steel giant holds 26% equity, said “An announcement in this regard could be made by POSCO in the next six months.”

The rest of the stake is held by Poggenamp Nagarsheth Powertronics Pvt Ltd.

The joint venture company began operations of its transformer lamination manufacturing plant in Gujarat in January this year.

(Sourced from indianexpress.com)