Gujarat-based Adani group and Korean steel maker POSCO and have joined hands to forge a $5 billion partnership to explore setting up a greenfield integrated steel mill and other businesses in Gujarat’s Mundra.
The two companies plan to utilise renewable energy resources and green hydrogen.
Both parties are examining various options to cooperate and leverage the technical, financial and operational strengths of each company.
POSCO and Adani intend to utilise renewable energy resources and green hydrogen in line with both partners’ ESG commitments to sustainability and energy efficiency.
POSCO runs POSCO-Maharashtra, a 1.8 million tonne cold-rolled and galvanised mill regarded as the most advanced automotive steel supplier in India, and four processing centres in Pune, Delhi, Chennai and Ahmedabad.
It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry.
POSCO and Adani have also signed an MoU with Gujarat government for support and cooperation from the government for the collaboration.