Adani Group sign agreement with South Korea’s POSCO to develop steel mill

Adani Group and South Korea’s largest steelmaker POSCO have signed a non-binding memorandum of understanding (MoU) to explore business opportunities in India. This includes the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat. The estimated investment of the project is up to $5 billion (approx. Rs 37,000 crore). The non-binding MoU also intends to collaborate at the group business level in various other sectors such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements.

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The alliance is a significant move for the diversified Adani Group, which has interests in logistics, ports, airports, mining, power generation and distribution, renewable energy, gas and infrastructure. Adani has recently announced major investment plans as part of an ambitious plan to become the world’s top renewable energy company. The group is also venturing into new-age businesses with plans for a super app and investing big in data centres.

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