Adani Group, POSCO paraph agreement to develop steel mill in Gujarat

Adani Group, POSCO paraph agreement to develop steel mill in Gujarat

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.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Russia considers spending billions of wealth funds on infrastructure
The reforms helped investor fears; to continue fundraising plans
If the plan goes through, the government will become the biggest shareholder in the company. The slew of changes declared by the government have mitigated ...
Molnupiravir is not included in COVID-19 treatment guidelines as its risks outweigh its benefits, according to the Ministry of Health.
Molnupiravir is not included in COVID-19 treatment guidelines as its risks outweigh its benefits, according to the Ministry of Health.
“We have had extensive discussion among national experts and we reviewed whatever data is available from the three trials. One (MOVe-In) trial was on 1433 ...
Hindustan Unilever raises soap and detergent prices by 3-20%
Hindustan Unilever raises soap and detergent prices by 3-20%
For Rin, the company increased the price of its bundle pack (of four 250 gms bars) to Rs 76 from Rs 72, and its 250 gms single bar to Rs 19 from Rs 18. It ...
South Africa welcomes the end of the EU Covid red registry;  mourns the loss of billions of rand
South Africa welcomes the end of the EU Covid red registry; mourns the loss of billions of rand
While these moves are welcomed, it comes after the peak of the tourist season and in the wake of over R1 billion lost in cancelled bookings following ...
Modification of Vodafone Idea's quotas will free up money to pay creditors
Modification of Vodafone Idea’s quotas will free up money to pay creditors
A top executive at a private bank said the money that was going towards paying government dues would stay in the books and should be used for loan payment. ...
NFL Injury Updates, Latest League News for Wednesday, Jan 12
NFL Injury Updates, Latest League News for Wednesday, Jan 12
Fournette (hamstring) and David (foot) both went on IR on Dec. 23, with the expectation that they’d return for a playoff run. The two veterans made crucial ...
Huawei ranks 5th in US patents in sign of Chinese growth
Huawei ranks 5th in US patents in sign of Chinese growth
Huawei’s success in obtaining patents comes even as its networking equipment is shut out of the American market and it’s been cut off from procuring ...
Government will assume 9.5% stake in subsidiary Tata Teleservices
Government will assume 9.5% stake in subsidiary Tata Teleservices
In a statement to the stock exchanges, Tata Teleservices Maharashtra said the net present value (NPV) of the interest due to the government is expected to be ...
Maersk reports 43% increase in containerized rail export cargo in 2021
Maersk reports 43% increase in containerized rail export cargo in 2021
Besides delivering speed, the services also provided hinterland connectivity and predictability to customers’ supply chains in the uncertainty of the ...
‘Shark Tank’ investor Kevin O’Leary says today’s cryptocurrency market is like the early days of the Big Tech in the 1990s |  Currency News |  Financial and business news
‘Shark Tank’ investor Kevin O’Leary says today’s cryptocurrency market is like the early days of the Big Tech in the 1990s | Currency News | Financial and business news
O’Leary noted tech stocks’ rough start to 2022 and how that shaped up against performance in the past. “I like growth, and I understand it’s going to be ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo