Chief Minister Shri Mohan Charan Majhi announced a groundbreaking development for Odisha as JSW Group and South Korean steel giant POSCO have agreed to set up a mega steel plant in Keonjhar. The announcement came during CM Majhi’s visit to his home district, where he confirmed that this joint venture, resulting from recent Make in Odisha road shows in Delhi and Mumbai, is expected to boost the region’s economy significantly.
The CM shared that both companies had signed a Memorandum of Understanding (MoU), formalizing their commitment to the project. “I have discussed this in-depth with JSW and POSCO during the Make in Odisha events. Both companies are enthusiastic about establishing this plant as a joint venture, and they have committed to Keonjhar as the site,” Majhi stated.
Integrated Steel Plant to Transform Keonjhar’s Economy
The mega steel plant, projected to have an initial capacity of five million tonnes per annum (MTPA), is poised to bring a new wave of industrial growth and employment to Keonjhar. This collaboration marks a revival of POSCO’s long-standing interest in Odisha; in 2005, the company had planned a major investment in the state but withdrew in 2017 due to land acquisition issues and other challenges. With this new venture, CM Majhi assured that Odisha’s commitment to welcoming international investment remains strong, setting the stage for increased Foreign Direct Investment (FDI) and industrial growth.
Utkal Chamber of Commerce & Industry (UCCI) President Prabodh Mohanty praised the collaboration: “This MoU between JSW and POSCO is an incredible boost to Odisha’s industrial ecosystem. It reaffirms Odisha’s position as a favorable FDI destination and will catalyze economic development in both Keonjhar and the state at large.”
Proposed Sites in Keonjhar
Two potential sites in Keonjhar have been identified for the plant: a 1,956-acre area in Patna block and a 2,500-acre site in Taramakanta under Banspal block. The Taramakanta land, which was once a tea plantation owned by the state, is being repurposed for industrial use. Representatives from both companies are scheduled to inspect these sites to determine the ideal location for the mega plant.
Once finalized, the exact investment details for the plant, including potential expansions, will be announced at the upcoming Utkarsh Odisha conclave in January 2025.
Local Support and Economic Prospects
The residents of Keonjhar have responded enthusiastically to the news. Kshetrabasi Rana, a local from Banspal, highlighted the positive impact on local employment: “Farming has been the main livelihood here, and this plant will bring much-needed jobs and growth to our area.” Similarly, Taramakanta resident Ramachandra Behera emphasized the broader benefits: “This region, rich in minerals, stands to benefit tremendously. Employment opportunities and other amenities will uplift the community, while the state economy prospers.”
This collaboration between JSW and POSCO, backed by CM Majhi’s proactive efforts, sets a transformative course for Keonjhar’s development and Odisha’s industrial growth, reaffirming the state’s commitment to becoming a premier investment hub in India.
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