Posco to set up downstream units close to project area.

While the South Korean steel major is shell-shocked over the recent developments, the new Director of Posco-India, Yong Keun Kim, is optimistic about his plans for downstream industries.After taking over as Director, Strategic Planning Team and Financial Management Team on May 1, he is busy chalking out plans for the company. His recent meeting with Managing Director of IPICOL, Ashok K Meena, has unfolded the road map of Posco on downstream and ancillary industries.
A confident Kim said that Posco's greenfield project near Paradip would create enormous opportunities for developing ancillary and downstream units close to the steel plant. Some of the units, which are likely to come up, include automobiles, shipbuilding, fishing vessel, heavy fabrication and downstream heat and coil processing, reveals the document. There is a vast scope of indirect employment opportunity once the ancillary industries are set up in the area, the document says.
Posco has requested the State Government for a piece of land near Paradip to set up the facilities. A detailed project report (DPR) is being prepared by the company, in which investors from South Korea would join for setting up downstream and ancillary projects. Soon, it would be presented to IPICOL, said Kim during the discussion. "Once the DPR is available with IPICOL, we will move for the land," said an official of the industrial promotion agency.