Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea’s POSCO to explore business opportunities in sectors like steel, renewable energy among others.
Both the entities have signed a memorandum of understanding (MoU) to this effect.
“Delighted to launch a $5 billion partnership with POSCO, the world’s most efficient and advanced steel manufacturer, for a green environment-friendly Integrated Steel Mill and other businesses in Mundra,” Adani Group chairman Gautam Adani said in a tweet on Thursday (13 January).
“This will boost manufacturing in India under Aatmanirbhar Bharat,” he added.
In a statement, Adani Group said the investment under the MoU is estimated to be up to USD 5 billion.
Adani Group said it ‘has 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 non-binding MoU 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, the statement said.