Adani Group, POSCO sign agreement to develop steel mill in Gujarat – World Affairs SRS

Adani Group, POSCO sign agreement to develop steel mill in Gujarat

– World Affairs SRS

India’s Adani Group and South Korean steel major POSCO have signed an agreement to explore opportunities, including setting up an integrated steel mill in the western state of Gujarat, the companies said in a statement on Thursday.

The investment is estimated to be around $5 billion, the non-binding agreement aimed at helping the two companies to collaborate further in various industries such as renewable energy, hydrogen and logistics, the statement said.

The Indian group did not immediately respond to a query on individual investments. POSCO already operates a 1.8 million tonne cold rolled and galvanized mill in the western state of Maharashtra and supplies parts to auto manufacturers.

Last year, the Adani Group said it would invest $20 billion in renewable energy over the next 10 years and aims to make its port business a net-zero carbon emitter by 2025.

Adani Enterprises, the flagship of the Adani Group, is the country’s largest coal trader and has in recent years faced criticism from climate activists for operating the Carmichael mine in Australia, one of the world’s largest greenfield coal projects. .

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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