Jamshedpur: Korean company INTEC Korea plans to invest USD five million to set up a unit in Eastern India with an Indian partner. Chief Executive Officer of INTEC Korea, Kim In Sool, told a press conference here today that the company planned to set up a joint venture with Mumbai-based company DKK Lubricants India Pvt. Ltd.

DKK Lubricants is a joint venture with Korea’s Daikatech Korea Co Ltd.

Managing Director of DKK Lubricants, U R Navinchandra and Diakatech Korea’s President, David Choi were present at the press meet.

Stating that major steel producers including Steel Authority of India Ltd (SAIL) and Tata Steel had facilities in this part of the country, Choi said INTEC therefore proposed to set up its unit in the same region.

Choi said that it would be INTEC's first unit outside Korea in two years time, if it materialised.

All global steel producers including Korea, Japan, China, Brazil, Taiwan and Russia were customers of INTEC Korea, which has three plants in Korea.

Posco and Hundai Steel have been procuring products from INTEC, a 12-year-old company, he said.

Asked about the reason for setting up a unit in India, Choi said India has a vast market, while it was costlier to import finished products in view of increasing ocean freight.

India also has high-quality raw-material as well as chrome and silica sand in abundance, he said.