• KOREA 03 Oct 2023 02:00
  • INDIA 02 Oct 2023 22:30

Bridged Business Cooperation between Adani and POSCO

POSCO and Adani Group have agreed to explore business cooperation opportunities, including the establishment of an environment-friendly integrated steel mill in Mundra, Gujarat, as well as other businesses, by investing upto $5 billion.

The non-binding MoU signed between POSCO and Adani 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. Both parties are examining various options to cooperate and leverage the technical, financial and operational strengths of each company.

The collaboration includes evaluating a joint integrated steel mill at Mundra, Gujarat, based on POSCO’s technology and R&D capability. POSCO and Adani Group intend to utilize renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.

The Honorary Consulate General office was instrumental in introducing the two companies which resulted in the establishment of the steel mill.