India’s energy, infrastructure conglomerate Adani Group has inked a partnership agreement with South Korean steel giant POSCO to explore setting up a $5 billion greenfield steel project in the country, a statement by Adani Group said on Thursday, January 13.
“POSCO and the Adani Group have agreed to explore business cooperation opportunities including establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses. The estimated investment will be up to $5 billion,” the Adani Group statement said.
Both Adani and POSCO have signed a non-binding memorandum of understanding (MoU) which 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, the statement said.