Adani Group ties up with POSCO for steel plant in Gujarat

New Delhi, January 13 (Agency)

Industrialist Gautam Adani-led Adani Group has tied up with South Korean company Posco to explore business opportunities in steel, renewable energy and other sectors. Both the companies signed a Memorandum of Understanding (MoU) in this regard. The Adani Group said in a statement on Thursday that up to $5 billion can be invested under the MoU. The group said it has “agreed to explore opportunities for business collaboration, including setting up of a green, eco-friendly integrated steel plant at Mundra, Gujarat, and other ventures.” There is a possibility of investment of up to $5 billion. Both sides are studying multiple options for cooperation and leveraging each company’s technical, financial and operational strengths. Posco CEO Jeong-Woo Choi said that with his company’s state-of-the-art technology in steel manufacturing and the Adani Group’s expertise in energy and infrastructure, the two companies will be able to work collaboratively in the steel and eco-friendly business. “I hope this cooperation will become a good and sustainable enterprise cooperation model between India and South Korea,” he said. Adani Group Chairman Gautam Adani said, “This partnership will contribute to the growth of India’s manufacturing industry and the Government of India’s ambitious Self-Reliant India Plan. It will also help in strengthening India’s position in green enterprises. POSCO and Adani have also signed MoUs with the Government of Gujarat for cooperation and support at the government level.

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