India's JSW Steel said on Tuesday it has signed a preliminary agreement with South Korea's steel major POSCO to set up an integrated steel plant with an initial capacity of 5 million metric tons a year.

JSW Group and South Korea’s Posco Group will build an integrated steel factory in India with an initial capacity of 5 million tons a year.

The two companies will first set up a 5 million tonnes per annum (MTPA) integrated steel unit with provisions for capacity expansion, JSW Steel said.

Sajjan Jindal-led JSW Group on Tuesday signed an agreement with South Korea’s Posco Group for the development of an integrated steel plant in India with an initial capacity of 5 million tonnes per annum.

The centrepiece of the collaboration is a state-of-the-art integrated steel plant with an initial capacity of 5 million tonnes per annum (MTPA). This plant is expected to address the growing demand for steel in India,

JSW Group (JSW) has signed a Memorandum of Understanding (MoU) with South Korea’s POSCO Group for the development of a cutting-edge, integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).

JSW Group (JSW) has signed a Memorandum of Understanding (MoU) with South Korea's POSCO Group for the development of a cutting-edge, integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).