In June 2005, POSCO signed a memorandum of understanding with the State of Odisha in India. Under the agreement, POSCO plans to invest US$12 billion to construct a plant with four blast furnaces, an electricity plant, housing, and an annual production capacity of of steel, which is slated to start production in 2010. The project, which would start with a capacity initially, would fetch revenue for the government to the tune of Rs 700 crore to Rs 800 crore (Rs 7-8 billion) annually. It would also provide direct employment to 13,000 people and ensure indirect employment for another 35,000. The Odisha state government also promised to provide a total of 600 million tons of iron sources, and will allow POSCO to use iron ore from these sources over the next 30 years. If the project goes ahead, it will be the single largest foreign direct investment in India as well as being the world's biggest greenfield steel plant ever.