Posco is looking to set up a new project in Jharkhand. The South Korean steel giant Posco is expected to sign a Memorandum of Understanding soon with the Steel Authority of India.

Though, in Orissa it is still facing lot of trouble in setting up its 12 MT steel plant at Paradeep. The Rs 54,000 crore project has been delayed in Orissa. Still the company is eying for fresh investments in a separate location.

The MoU is expected to be signed in coming 3 to 6 months according to Posco India senior vice-president Mr. Vikas Sharan. Both the companies will jointly work to set up a 5 MT integrated steel project in Jharkhand. The estimated cost of the project is about Rs 25,000 crore.

Steel secretary Mr. Atul Chaturvedi has also informed that the deal for the joint venture is on its way and it will be finalized soon. Both the companies have set up a joint study group. The group will examine the feasibility details of the upcoming project in Jharkhand.