Mumbai, Sep 13 (UNI) Two South Korea-based giant MNCs, POSCO and Daewoo Logistics Corporation, and Balaji Infra Projects Limited, an Indian company developing port infrastructure, have formed a joint venture company to set up a steel distribution centre within Dighi Port in Maharashtra.
The agreement was signed by POSCO's Managing Director Gil Ho Bang, Daewoo Logistics Corporation Managing Director Bong Seok Suh and Balaji Infra Projects Ltd Chairman and Managing Director Vijay Kalantri here yesterday.
The JV company was formed with a view to increase consumption of steel in the Indian market and to enhance annual per capita steel consumption in line with the goal of the National steel policy. It will further give the necessary thrust and impetus to the development of Dighi Port, enhancing its present capacity as well as the infrastructure of that region, which will add to economic growth of Maharashtra.
The JV company will set up a steel distribution centre, which will import steel plates from various steel manufacturing sources of POSCO located abroad and will process the same for utilization by various industries located in India.
This will be the first steel distribution centre of its kind within the port, which will facilitate the safe and careful handling of such precious materials so as to have effective utilization. The company has guaranteed a minimum traffic of 1.65 million metric tonne per year. The Centre will be located on an approximate area of nine acres within the port. The contribution ratio of the capital in the JV company will be POSCO-IPPC 51 per cent, DLC 29 per cent and BIPL 20 per cent.
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