Gautam Adani led Adani Group: Gautam Adani-led Adani Group has entered into an agreement with South Korean steel company POSCO (POSCO) to explore business opportunities, including an integrated steel plant in Gujarat with an estimated investment of $5 billion. Includes installation. Both the companies have given this information through a joint statement on Thursday.
Through non-binding agreements, the two companies also intend to collaborate at a group level in businesses including renewable energy, hydrogen and logistics.
This partnership will become a sustainable business model between India and South Korea
Xiong-Wu Shoi, Chief Executive Officer, POSCO, said, “The steel and environment-friendly business in POSCO and Adani has the potential to synergize widely with POSCO’s state-of-the-art technology in steelmaking and Adani’s expertise in energy and infrastructure. I hope this partnership will become a good and sustainable business cooperation model between India and South Korea.”
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Intended to use renewable energy and green hydrogen
The companies said they intend to use renewable energy resources and green hydrogen in line with relevant environmental, social and governance (ESG) commitments for sustainability and energy efficiency. They are looking at various options to collaborate and capitalize on each company’s technology, financial and operational capabilities, the statement said.
Manufacturing growth will get a boost
Gautam Adani, Chairman, Adani Group, said, “This partnership will contribute to the growth of India’s manufacturing industry and the success of the Government of India’s self-reliant India plan. This will also help in enhancing India’s capabilities in green business.”
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POSCO has a plant in Maharashtra
POSCO currently operates 1.8 million tonnes of cold rolled and galvanized mills in Maharashtra. It also suffered a setback here, when it had to cancel its $12 billion project in Odisha due to delays and local protests. POSCO is understood to be keen on setting up a greenfield plant in India.
The Adani Group had earlier said it would invest $20 billion in renewable energy generation over the next decade. The group plans to invest 50 to 70 billion dollars through organic and inorganic routes across the entire green energy value chain.
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