Saturday, Jul 16, 2005
Posco to invest $900 m for port in Orissa
Our Bureau
New Delhi , July 15
KOREAN steel major Posco will invest $900 million for setting up a dedicated port facility at Jatadhari in Orissa. The proposed port will be constructed in two phases, according to a company release.
This is part of the company's earlier announcement of setting up a $ 12-billion steel plant in the State. The total plan also includes building of necessary infrastructure and logistics such as roads, township, water, power and port in the region.
The first phase of the construction of the dedicated port will involve an investment of $600 million, which will be distributed in two modules of $400 million and $200 million. In the second phase, the company would make an additional $300 million investment, the release said.
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