JSW Steel and POSCO, a South Korean company, have agreed to invest $7.7 billion in a new steel plant in Odisha, India. The plant will have an initial production capacity of 5 million metric tons per year and will utilize Odisha's iron ore reserves.

The initial investment is estimated to be around Rs 20,000 crore, with plans to increase the total investment to Rs 65,000 crore over the next three years. This expansion will raise the production capacity to 18 million metric tons annually. The companies aim to have the project operational by next year, taking advantage of India's status as the world's fastest-growing major economy.