Published On:January 14 2022
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Posco, Adani Group plan to set up steel plant.

South Korean steel major Posco and Adani Group have signed agreement to set up an environment-friendly Integrated Steel Mill at Mundra, Gujarat with an investment of $5 billion, besides exploring other business opportunities.

The non-binding agreement also 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 intend to utilise renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.

Jeong-woo, Choi, the CEO of POSCO, said, “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.”

The South Korean steel major had in 2005 announced plans to set up a 12-million-tonne-capacity steel project in Jagatsinghpur district in Odisha. It was the biggest foreign direct investment in India, at that point of time, at $12 billion. But the company dropped this project in 2017 due to delays in land acquisition. The deal with Adani could be an indication of Posco’s ambitions for a larger play in India given the booming steel market. Posco currently has a 1.8-million tonne cold-rolled and galvanised mill in Maharashtra, and four processing centres in Pune, Delhi, Chennai and Ahmedabad.

The Adani Group, founded in 1988, has business interest in Logistics (seaports, airports, shipping and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and inrastructure, 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.

Gautam Adani, Chairman of the Adani Group, said, “This partnership (with Posco) 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.”

HBL





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