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)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.