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POSCO & Adani sign MoU for integrated steel mill
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SME Times News Bureau | 14 Jan, 2022
POSCO and the Adani Group have agreed to explore business cooperation
opportunities, including the establishment of a green,
environment-friendly Integrated Steel Mill at Mundra, Gujarat, as well
as other businesses. The investment is estimated to be up to USD 5
billion.
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.
Both parties are examining
various options to cooperate and leverage the technical, financial, and
operational strengths of each company. 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.
POSCO and Adani intend to utilize renewable energy resources and green
hydrogen, in line with both partners' ESG commitments to sustainability
and energy efficiency.
Jeong-woo Choi, the CEO of POSCO, said,
"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 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.
Gautam Adani, Chairman of the Adani
Group, said, "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. 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 nIndia's standing in green businesses."
POSCO runs
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.
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