POSCO ACT

POSCO signed a Memorandum of Understanding (MoU) in June 2005, to incorporate an Indian subsidiary and build a steel plant in Odisha . [4] [5] Posco India was incorporated by POSCO in August 2005 with the Registrar of Companies, Odisha, under India's Companies Act 1956. According to the MoU of 2005, POSCO agreed to invest in the Jagatsinghpur district of Odisha to establish an integrated plant to manufacture steel, mine iron ore and other ores, as well as the infrastructure necessary for its operation in Odisha. The MoU listed the following understanding between POSCO and the state of Odisha: In addition to its attempt to establish a steel plant Odisha, Posco-India considered alternate sites for a steel plant. In June 2010, Posco signed a memorandum of understanding with the state of Karnataka at the Global Investors Meet in Bangalore . This memorandum envisions a 6 MMT per year steel plant based on Posco's high efficiency, low environment impact FIN...