JSW Steel Limited, based in India, and South Korea's POSCO Group have signed a Joint Venture Agreement to build a greenfield integrated steel plant in Odisha, aiming for a production capacity of 6 million tonnes per annum (MTPA). The joint venture will be executed through Saffron Resources Private Limited, a subsidiary of JSW Steel, which will now operate as a 50:50 joint venture between the two companies. POSCO will invest approximately ₹508.8 crore (around $61 million USD) in the venture. This agreement comes as South Korean President Lee Jae-myung visits India, marking a significant moment in enhancing bilateral relations. The joint venture is expected to contribute to JSW Steel's goal of increasing its production capacity to 50 MTPA by the fiscal year 2031. The collaboration is seen as a strategic move to deepen ties between India and South Korea, which have elevated their relationship to a Special Strategic Partnership since 2015. The visit of President Lee is anticipated to further discussions on trade and investment opportunities, with a focus on advanced manufacturing, semiconductors, and green energy.