India’s Adani Group and South Korean steel major POSCO have signed an MoU to explore business cooperation opportunities, including setting up of an integrated steel mill in Gujarat. The investment under the MoU is estimated to be up to USD 5 billion
Adani Group was quoted by the media: “We have 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 different industries including renewable energy, hydrogen, and logistics in response to carbon reduction requirements, said reports.
The Adani group is currently ramping up its solar energy businesses and its ports business with an aim to become carbon neutral by 2025. In the past two decades, the group has rapidly diversified into ports, power generation and distribution, airports, data centers and digital services. Adani, who is also Asia’s second-richest person, has also been focusing recently on expanding his conglomerate into metals. The group set up a new subsidiary for aluminium in December 2021.
POSCO already operates a 1.8-million-tonne cold-rolled and galvanized mill in Maharashtra and supplies parts to auto makers.
Adani Group had said last year that it will invest $20 billion in renewable energy over a period of10 years. It aims to make its port business a net-zero carbon emitter by 2025.
