South Korean steel behemoth Posco today announced appointment of Choon-Kuhn Kwon as its new chairman and managing director for India operations.
Kwon replaces Soung Sik Cho, who completed his three years tenure in Posco India last month, a company statement said.
Kwon was the director of Posco and has been associated with the company's India project since its conceptualisation in 2004.
In India, Posco plans to set up a 12-million tonne steel project entailing an investment of Rs 51,000 crore in Orissa. It had signed a memorandum of understanding for the proposed project in June 2005.
The company has so far not been able to secure iron ore mines and land for its proposed venture.
The Orissa government has recommended to the Centre for granting of iron ore-rich Khandadhar mines to Posco India. A decision is awaited.
Posco needs 4,004 acres for its proposed plant. Of this, 2,900 is forest land for which the diversion plan has been cleared and the state government is working on its compliance.
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