MUMBAI, Jan 14 (NNN-PTI) – India’s Adani group entered into a memorandum of understanding (MoU) with South Korea’s POSCO, to explore investment of up to five billion U.S. dollars in setting up of an environment-friendly integrated steel mill at Mundra, 866 km north-west of Mumbai.
In its filing with the Bombay Stock Exchange yesterday, Adani Enterprises, the listed entity of Adani group said, the non-binding MoU signed between POSCO and Adani, 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.
The proposed steel mill at Mundra, in India’s western state of Gujarat, would be based on POSCO’s state-of-the-art technology and cutting-edge research and development capability.
Currently, the South Korean steel major, operates a 1.8-million-tonne cold-rolled and galvanised mill in India, along with four processing centres.
India is a major steel producer in the world, with an annual capacity of 144 million tonnes, and actual annual production of in and around 100 million tonnes. By 2030, India set a large ramp up crude steel production to 300 million tonnes, as per its National Steel Policy 2017.– NNN-PTI
