Two steel producers from India and South Korea inked a cooperation agreement to build integrated steel complexes in India.

According to Chilan, JSW, India’s largest steelmaker by market value, and South Korea’s POSCO inked an agreement to construct an integrated steel complex in India.

The companies have not yet finalized the location or financial details of this project, but they stated that Odisha is one of the key locations considered for the plant, by an annual production capacity of 6 Million tons.

Last year, the two companies inked another agreement to launch an integrated steel complex with a primary capacity of 5 million tons per year in Odisha. These companies plan to invest 650 billion rupees (equalling $7.44 billion) in this complex.