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POSCO to invest $900 million

Special Correspondent

Paradeep port does not have the desired tonnage capacity: study

NEW DELHI: : The Korean giant, Pohang Steel Company (POSCO), will invest $900 million in setting up a dedicated port at Jatadhari in Orissa, instead of using the Paradeep port.

This will be part of the company's overall investment of $12 billion in setting up a three million tonne capacity steel plant in the State.

The port will be built in two phases.

The first phase will see an investment of $600 million— distributed in two modules of $400 million and $200 million. In the second phase, POSCO will put in an additional $300 million, a company statement said on Friday.

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