Adani Group Signs Pact With South Korea's POSCO To Set Up Steel Plant In Gujarat

Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea's POSCO to explore business opportunities in sectors like steel, renewable energy among others.

Both the entities have signed a memorandum of understanding (MoU) to this effect.

"Delighted to launch a $5 billion partnership with POSCO, the world’s most efficient and advanced steel manufacturer, for a green environment-friendly Integrated Steel Mill and other businesses in Mundra," Adani Group chairman Gautam Adani said in a tweet on Thursday (13 January).

"This will boost manufacturing in India under Aatmanirbhar Bharat," he added.

In a statement, Adani Group said the investment under the MoU is estimated to be up to USD 5 billion.

Adani Group said it 'has agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses.

The 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, the statement said.

(With inputs from PTI)