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[ The Korea Times ] POSCO Join Indian Railway Project
Author
ybradmin
Date
2017-11-20 20:19
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1610
POSCO-India, an Indian subsidiary of POSCO, global No. 3 steel manufacturer, signed a shareholders agreement with India's state-run Rail Vikas Nigam Limited (RVNL) to participate in a construction of a special purpose vehicle (SPV) for Haridaspur-Paradip railway line in the eastern Indian state of Orissa.
POSCO-India has a 10 percent stake in the railway project, which costs some $130 million.
This infrastructure will help to secure stable and competitive railway transportation route for iron ores between Orissa's mines and POSCO's new mills.
The new plant will have an annual production capacity of 12 million metric tons of steel by 2020.
Also, the new rail link will reduce the distance by almost 41 kilometers from the existing Haridaspur-Cuttack-Paradip line allowing faster access to the plants.
``Participation in the SPV is yet another step towards our commitment to support the steel sector on a long term perspective. We are very happy being a part of Orissa's emergence as the steel hub of the world in the coming days,'' Cho Soung-sik, president of POSCO-India said.
10-11-2006 21:17 The Korea Times
POSCO-India has a 10 percent stake in the railway project, which costs some $130 million.
This infrastructure will help to secure stable and competitive railway transportation route for iron ores between Orissa's mines and POSCO's new mills.
The new plant will have an annual production capacity of 12 million metric tons of steel by 2020.
Also, the new rail link will reduce the distance by almost 41 kilometers from the existing Haridaspur-Cuttack-Paradip line allowing faster access to the plants.
``Participation in the SPV is yet another step towards our commitment to support the steel sector on a long term perspective. We are very happy being a part of Orissa's emergence as the steel hub of the world in the coming days,'' Cho Soung-sik, president of POSCO-India said.
10-11-2006 21:17 The Korea Times