The Indian conglomerate did not immediately respond to a query on individual investments. POSCO already operates a 1.8-million-tonne cold-rolled and galvanized mill in the western state of Maharashtra and supplies parts to auto makers.
India’s Adani Group and South Korean steel major POSCO have consented to an arrangement to explore opportunities, including setting up of a integrated steel mill at the western state of Gujarat, the organizations said in an assertion on Thursday. The investment is assessed to be of about $5 billion, the proclamation said, adding that the non-binding understanding plans to assist the two companies with working together different ventures like renewable energy, hydrogen, and logistics.
Last year, Adani Group had said it will invest $20 billion in renewable energy over the next 10 years and also aims to make its port business a net-zero carbon emitter by 2025.
Adani Enterprises, the flagship company of the Adani Group, is the country’s biggest coal trader and has faced criticism from climate activists for its push to operate the Carmichael mine in Australia, one of the world’s biggest greenfield coal projects in recent years.
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