South Korean steel major Posco said on Wednesday it will invest $200 million (nearly Rs 8.80 billion) this year in its upcoming 12 million tonne manufacturing plant in India.
"The operations are going as per schedule. We had brought $50-million capital last year. This year we will be investing $200 million," Posco India Ltd MD Cho Soung-Sik said at the ongoing Hanover Fair.
Soung-Sik, who is in Hanover as part of the Orissa government's efforts to attract investemnt in the state, said the company plans to start first phase of production in its $12-billion project by 2008.
The company has applied for 4,000 acre of land for its steel plant.
Orissa government officials in Hanover said there were no problems with land acquisition as about 3,500 acre was owned by the government.
The company was also expecting to get mining licence for iron ores from the state government by next year, he said, adding they would get technology from foreign collaborators and mining would be done by Indian mining contractors.
Soung-Sik said the company was open to give some equity shares of the company to its workers and those displaced by the steel plant in the state.
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