POSCO and Adani Group shell out $5 billion and explore cooperation on green projects

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

Both the parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.

POSCO and the Adani Group together will contribute upto $5 billion and have consented to explore business cooperation opportunities, including the foundation of a green, environment-friendly coordinated steel plant at Mundra, Gujarat, just as different organizations. The non-binding MoU endorsed among POSCO and Adani will see further coordinated effort at the group industry level in different ventures like renewable energy, hydrogen, and planned operations because of carbon decrease prerequisites.

The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO’s state-of-the-art technology and cutting-edge R&D capability, said Adani in its release.

POSCO and Adani intend to utilise renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.

“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. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea,” the release quoted Jeong-woo Choi, chief executive officer at POSCO, as saying.

The Adani Group, founded in 1988, is the largest and fastest-growing portfolio of diversified businesses in India with interests in logistics (seaports, airports, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, 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.

“This partnership 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,” Gautam Adani, chairman of the Adani Group, was quoted as saying.

POSCO operates POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill regarded as the most advanced automotive steel supplier in India, and four processing centres in Pune, Delhi, Chennai and Ahmedabad. It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry.

POSCO and Adani have also signed a MoU with the Government of Gujarat for support and cooperation from the Government for the collaboration.

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
White House wants encryption rules as a matter of national security
White House wants encryption rules as a matter of national security
The White House National Security Council would also be involved, the person said, since crypto has economic implications for national security. Along those ...
MORNING BUSINESS REPORT: Student loan is not worth it, help with internet account, large wind farm News
Shreveport Councilman Asks State to Investigate City Finance Department | News
Nickelson included with his letter the statement Hebert made Monday during a news conference.  “Last month, the city’s interim chief financial officer ...
End of extra unemployment benefit and hiring companies |  The business
Venmo third parties may owe you money: what you need to know
‘The Great Resignation’ is here: 6 in 10 have already written letter for day they quit their job To search which apps or services were affected and to see ...
The Bristol Press – Bristol Board of Finance Purchasing Committee excludes Guida-Seibert Dairy of New Britain from other delivery contracts
The Bristol Press – Bristol Board of Finance Purchasing Committee excludes Guida-Seibert Dairy of New Britain from other delivery contracts
Guida was able to speak their position during the meeting, said Burns, but in the end the committee decided to enact the city’s debarment procedures. The board ...
COVID UPDATE: CT positivity rate is 9.73% |  Connecticut News
COVID UPDATE: CT positivity rate is 9.73% | Connecticut News
On Thursday, 693,386 COVID-19 cases have been reported since the beginning of the pandemic, which is up 3,036 since Wednesday. Officials say 31,201 tests were ...
Third quarter GNP net profit more than doubled to Rs 1,127 crore
Third quarter GNP net profit more than doubled to Rs 1,127 crore
Punjab National Bank (PNB) announced a two-fold increase in standalone net profit for the third quarter ended December at Rs 1,126.78 crore on Thursday. In ...
The Federal Reserve's aggressive stance aims to keep the yellow metal under pressure
The Federal Reserve’s aggressive stance aims to keep the yellow metal under pressure
Comex gold was trading 0.8 percent lower near $1,814 a troy ounce after a 1.2 percent decline the previous day. Gold has weakened as US dollar and bond ...
On Windows, you may now download games from the Play Store
On Windows, you may now download games from the Play Store
Play Store now lets you download games on Windows. In any case, the chances are that you don’t have that extra button on your Google Play store as the ...
How Brazil is reforming a public fund to finance broadband expansion
Stockton wants to rebrand itself as a ‘business-friendly city’
The plan focuses on rebranding the city, supporting small businesses and attracting new business to the area.  “Telling our story, our rich history here in the ...
Adani Wilmar's initial public offering (IPO) received a 4% subscription on day one, with a retail share of 9% reserved
Adani Wilmar’s initial public offering (IPO) received a 4% subscription on day one, with a retail share of 9% reserved
Adani Wilmar, which sells cooking oils under the Fortune brand and various other food products, is going to raise Rs 3,600 crore through public issue which ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo