Mumbai/Bangalore, Aug. 18 -- South Korean steelmaker POSCO Holdings andJSW Steel Ltd intend to spend Rs.70,000-80,000 crore ($8-9 billion) to set up a 6 million tonne per annum steel plant possibly in Odisha, two executives said.

A 900-acre land that JSW Steel purchased in Odisha during the April-June quarter could be used for the project, they said, declining to be identified.

JSW Steel chief executive Jayant Acharya had said earlier that no project had been finalised for the land.

"This (the land) is closer to the city of Cuttack,Paradeep Port, and the mining area. It makes sense for us to have a land bank in Orissa, and that is why we have acquired it. There is, as of now, no plan, but it is for future expansion, if required for any...