JSW Group (JSW) signed a Memorandum of Understanding (MoU) on Tuesday with Korea’s POSCO Group (POSCO) to develop steel plants and work on battery materials and renewable energy sectors in India.
Both companies will establish an integrated steel plant in India with an initial capacity of 5 million tonnes per annum. Beyond steel, the partnership aims to enhance cooperation in battery materials and renewable energy.
“As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation,” said Sajjan Jindal, Chairman of JSW Group.
“This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India. Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond,” Jindal added.
The collaboration between JSW Group and POSCO Group is expected to boost India’s steel production capacity and advance sustainability efforts in both countries. The two groups will also explore collaborations in battery materials related to electric vehicles (EVs) and renewable energy to meet the captive requirements of the proposed integrated steel plant.
JSW’s leading manufacturing presence and strong project execution capabilities, combined with POSCO’s technological excellence, will create a robust platform for developing cutting-edge solutions for the Indian steel and energy sectors.
"We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future,” said Chang In-hwa, Chairman of POSCO.