Korean POSCO and Indian conglomerate Adani Group to develop steel plant

The Adani Group logo is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India April 13, 2021. REUTERS/Amit Dave

BENGALURU, Jan 13 (Reuters) – India’s Adani Group and South Korean steel giant POSCO (005490.KS) have signed an agreement to explore opportunities including the establishment of an integrated steel plant in the western state of Gujarat, the companies said in a statement. statement Thursday.

The investment is estimated at around $5 billion, the statement said, adding that the non-binding agreement aims to help the two companies collaborate more in various industries such as renewable energy, hydrogen and logistics.

The Indian conglomerate did not immediately respond to a question about individual investments.

POSCO already operates a 1.8 million ton cold rolled and galvanized plant in the western state of Maharashtra and supplies parts to automakers.

Last year, Adani Group announced that it would invest $20 billion in renewable energy over the next 10 years and also aimed to make its port business a net zero carbon emitter by 2025. read more

Adani Enterprises, the Adani Group’s flagship company, is the country’s largest coal trader and has come under fire from climate activists for its drive to operate Australia’s Carmichael mine, one of Australia’s largest coal projects green in the world in recent years.

Reporting by Nallur Sethuraman in Bangalore; Editing by Sherry Jacob-Phillips

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