POSCO, Adani Group will distribute $ 5 billion, will explore cooperation on green projects

POSCO, Adani Group will distribute $ 5 billion, will explore cooperation on green projects

POSCO and the Adani Group together will contribute upto $5 billion and have consented to explore business cooperation opportunities, including the foundation of a green, environment-friendly coordinated steel plant at Mundra, Gujarat, just as different organizations. The non-binding MoU endorsed among POSCO and Adani will see further coordinated effort at the group industry level in different ventures like renewable energy, hydrogen, and planned operations because of carbon decrease prerequisites.

The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO’s state-of-the-art technology and cutting-edge R&D capability, said Adani in its release.

Both the parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.

POSCO and Adani intend to utilise renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.

The Adani Group, founded in 1988, is the largest and fastest-growing portfolio of diversified businesses in India with interests in logistics (seaports, airports, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, and other sectors. Adani has recently announced a massive investment plan to become the world’s largest renewable energy company and produce green hydrogen in the future.

“POSCO and Adani 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 release quoted Jeong-woo Choi, chief executive officer at POSCO, as saying.

“This partnership will contribute to the growth of India’s manufacturing industry and the Aatmanirbhar Bharat scheme championed by the Government of India. It will also help to strengthen India’s standing in green businesses,” Gautam Adani, chairman of the Adani Group, was quoted as saying.

POSCO operates POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill regarded as the most advanced automotive steel supplier in India, and four processing centres in Pune, Delhi, Chennai and Ahmedabad. It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry.

POSCO and Adani have also signed a MoU with the Government of Gujarat for support and cooperation from the Government for the collaboration.

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