Posco, Adani Group to invest up to $5 bn for green steel mills in India

Sign non-binding MoU; to explore setting up an integrated steel plant at Mundra

The Adani group and South Korean steel major POSCO have entered into a deal to explore business cooperation opportunities, including setting up a green, environment-friendly integrated steel plant at Mundra, Gujarat. The investment is estimated to be up to $5 billion (about Rs 37,000 crore), the Gautam Adani-led group said in a statement on Thursday.

The non-binding memorandum of understanding (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