Adani Group Joins Hands With South Korea
Last updated on January 14th, 2022 at 12:28 pm
The Indian Industrial giant Adani group has agreed to set up a Steel Plant in Mudra Gujarat with the South Korean company POSCO under an MOU signed recently. In a recent announcement, they declared that the decision to join hands with POSCO is to establish an integrated steel mill in Gujrat with an investment of $5 billion approx.
During a press interview, Gautam Adani, Chairman of the Adani Group shared “We are very pleased to announce the partnership with POSCO, the world’s most efficient and advanced steel manufacturer, in steel production and carbon reduction.” As shared by the company’s chairman, the focus is to develop further collaboration at business levels in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements.
Based on their individual strengths in technical, financial, and operational domains, both the Adani group and POSCO will leverage it to build further businesses in India. Based on the current technology and R&D capability, both the parties are in the opinion of evaluating a joint Integrated Steel Mill at Mundra,
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Gujarat.
Additionally, both POSCO and Adani also intend to utilize renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.”
In a joint statement released by Jeong-woo, Choi, and the CEO of Posco
Said, “This cooperation will be a good and sustainable business cooperation model between India and South Korea.” In India POSCO has a reasonably good presence in India with POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill and four processing centres in Pune, Delhi, Chennai, and Ahmedabad. Five years ago, POSCO has lost $12 billion steel project in Odisha. The steel plant had to be scrapped due to legal delays and local opposition. During that time POSCO was keen to set up a greenfield plant in India, as it communicated its interest to set up a steel plant on Rashtriya Ispat Nigam Limited (RINL) land in Visakhapatnam and a non-binding MoU was signed between POSCO and RINL in October 2019. At present Adani Group has announced an investment plan to become the world’s largest renewable energy company and produce green hydrogen in the future.
