Adani Group: Adani Group to enter steel business, tie up with Posco, will invest Rs 37,000 crore

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New Delhi
Gautam Adani News: Industrialist Gautam Adani-led Adani Group has tied up with South Korean company Posco to explore business opportunities in steel, renewable energy and other sectors. Both the companies have signed a Memorandum of Understanding (MoU) in this regard.

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Adani Group said in a statement that up to $5 billion can be invested under the MoU. The group said it has agreed to explore business collaboration opportunities, including setting up of a green, eco-friendly integrated steel plant in Mundra, Gujarat, and other ventures.

agreement with posco

India’s leading business conglomerate Adani Group has entered into an agreement with POSCO to set up an integrated steel mill in Mundra, Gujarat. An investment of Rs 37,000 crore is to be made in this. Gautam Adani, Chairman, Adani Group, said, “We are delighted to partner with POSCO. POSCO is the world’s most efficient and state-of-the-art steel making company. POSCO specializes in steel production and reducing carbon emissions. “

steel business entry

Adani Group is currently engaged in renewable energy, hydrogen, logistics, port management, airport management and road infrastructure. The company has said that after the agreement with Posco, the company is expected to help in reducing carbon emissions. Adani Group and POSCO together will try to leverage each other’s expertise. These include technical, financial and working strength etc.

POSCO’s work

A statement from the Adani Group said that Posco and the Adani Group will work together on a strategy to make the most of renewable energy resources and green hydrogen. The company has said that the agreement has been entered into in order to adhere to the ESG commitments and energy efficiency of both the business groups. Posco in South Korea has a unit named POSCO Maharashtra which includes cold rolled and galvanized unit with a capacity of 1.8 million tonnes. In addition, the company has four processing plants located in Pune, Delhi, Chennai and Ahmedabad.

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