Ahmedabad: POSCO and Adani Group have agreed to explore business collaboration opportunities, including setting up of a green, eco-friendly Integrated Steel Mill at Mundra, Gujarat, as well as other businesses. An investment of up to US$ 5 billion is expected for this. The non-binding 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 sides are examining various options to collaborate and leverage the technical, financial and operational strengths of each company. The collaboration includes evaluation of a joint integrated steel mill in Mundra, Gujarat, based on POSCO’s state-of-the-art technology and leading-edge R&D capability. POSCO and Adani intend to use renewable energy resources and green hydrogen in line with ESG commitments to sustainability and energy efficiency of both partners.
Mr. Jeong-Wuchoi, CEO, POSCO, said that “POSCO and Adani have been able to forge great synergies in the steel and eco-friendly business, thanks to POSCO’s cutting-edge technology in steel manufacturing and Adani’s expertise in energy and infrastructure. Will be I hope that this cooperation will prove to be a good and sustainable business cooperation model between India and South Korea.”
Adani Group, established in 1988, has the largest and fastest growing portfolio of diversified businesses in India with interests in logistics (ports, airports, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure. , and in other areas. Adani recently announced a massive investment plan to become the world’s largest renewable energy company and produce green hydrogen in the future.
Gautam Adani, Chairman, Adani Group said, “We are delighted to announce a partnership with POSCO, the world’s most efficient and advanced steel maker in steel production and carbon reduction. This partnership will contribute to the development of India’s manufacturing industry and the self-reliant India scheme run by the Government of India. It will also help strengthen India’s position in green businesses.”
POSCO operates POSCO-Maharashtra in India, a 1.8 million tonne cold rolled and galvanized mill considered as the most advanced automotive steel supplier. In addition, POSCO also operates four processing centers at Pune, Delhi, Chennai and Ahmedabad. It is expected that this business collaboration between POSCO and Adani will present a major partnership synergy in the Indian steel industry.
POSCO is South Korea’s largest steel producer, and has been named ‘The World’s Most Competitive Steelmaker’ for 12 consecutive years. nominated as. POSCO has presence in non-steel sectors such as trade, infrastructure, EV materials, chemicals and energy. POSCO has recently announced its intention to be carbon neutral by 2050, and plans to gradually shift its production to hydrogen-based steel manufacturing, while being actively involved in the hydrogen supply chain from production to application. Is.
About Adani Group
Adani Group has the largest and fastest growing portfolio of diversified businesses in India, which includes Logistics (Ports, Airports, Logistics, Shipping & Rail), Resources, Power Generation & Distribution, Renewable Energy, Gas & Infrastructure, Agro (Commodities) , edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance and defence, and other sectors. Adani Group is headquartered in Ahmedabad, India.
Adani attributes its success and leadership position to ‘nation building’. and ‘Development with goodness’ his core philosophy
which is a guiding principle for sustainable development. Adani Group is committed to protect the environment and betterment of communities through its CSR programs based on the principles of sustainability, diversity and shared values.
first published:Jan. 13, 2022, 1:10 p.m.