Adani, Posco Tie Up For $5-Billion Green Projects
Adani Group has signed a pact with Posco to explore business cooperation opportunities, including setting up of a green, environment-friendly integrated steel mill at Mundra, Gujarat.
The investment is estimated to be up to $5 billion, Adani Group said in a statement. “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.”
Posco and Adani have also signed an agreement with the Government of Gujarat for support and cooperation for the collaboration.
“This partnership will contribute to the growth of the country’s manufacturing industry and the Aatmanirbhar Bharat scheme. It will also help to strengthen India’s standing in green businesses,” Gautam Adani, chairman of Adani Group, was quoted as saying in the statement.
According to Jeong-woo, Choi, chief executive officer at Posco, the two companies are “able to come to great synergy in the steel and environment-friendly business with Posco’s state-of-the-art technology in steel-making and Adani’s expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea”.
The South Korean steelmaker currently runs Posco-Maharashtra—a 1.8-million-tonne cold-rolled and galvanized mill. It has four processing centres in Pune, Delhi, Chennai and Ahmedabad.