NEW DELHI: Adani Group and South Korean Steel major POSCO on Thursday signed an agreement worth $5 million to establish a green and environment-friendly integrated steel mill at Mundra, Gujarat, and other businesses. The companies, in a statement, informed that non-binding MoU intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements.
“We are very pleased to announce the partnership with POSCO, the world’s most efficient and advanced steel manufacturer, in steel production and carbon reduction. This partnership will contribute to the growth of India’s manufacturing industry and the Aatmanirbhar Bharat scheme championed by the government of India. It will also help to strengthen India’s standing in green businesses,” said Gautam Adani, Chairman of the Adani Group.
The pact will give Adani an entry into steel manufacturing. For Posco, it will fulfil its ambition of having a large steel unit in India. A few years back, POSCO had to drop plans for a $12-bn steel plant project with an annual capacity of 12 MT in Odisha due to delays in land acquisition.