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South Korea Ambassador Shin Bongkil on Monday (19 April) said Korean steel giant Posco has plans to make one of the single largest FDI in the history of India with an investment of US $12 billion (approximately Rs 90,000 crore) to set up an integrated steel plant in Odisha.

He said this at a virtual roundtable on ‘South Korea and Odisha: Promoting Bilateral Business Opportunities’ organised by the Indian Chamber of Commerce (ICC) in association with Industrial Promotion and Invest Corporation of Odisha Ltd (IPICOL).

Bongkil said that 66 new Korean companies have entered India in the last one year and have made an investment of US $17 million in 2020 as compared to US $21.15 million in the previous year, reports The New Indian Express.

Director of Korea Trade-Investment Promotion Agency Young Seaon Park said the Korean companies are very eager to work in the areas of renewable energy, water treatment and smart city projects.

Special Secretary of Industries and Managing Director of IPICOL Nitin B Jawale showcased the strength and diversity of Odisha through an audio visual and said that the State is expecting an investment of Rs two lakh crore.

In 2017, Posco had scrapped its greenfield steel plant project in Odisha as it did not get a firm commitment from the State government to get captive mines for the proposed plant.