South Korea’s POSCO, India’s Adani eye steel mill project in $5-bln pact

South Korea’s POSCO, India’s Adani eye steel mill project in -bln pact


The Adani group logo is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS / Amit Dave

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BENGALURU / NEW DELHI, Jan. 13 (Reuters) – Indian billionaire infrastructure group Gautam Adani and South Korea’s largest steelmaker POSCO (005490.KS) plan to invest $ 5 billion in projects that include the creation of a integrated steel plant in western gujarat state, the companies said.

The project is part of a pact between one of India’s most powerful conglomerates and POSCO, which offers the South Korean steel company a new opportunity to take advantage of the growing demand for steel in the southern nation. -Asian.

The pact to explore business opportunities, under which both will invest about $ 5 billion, covers industries such as renewable energy, hydrogen and logistics, the companies said in a statement on Thursday, without giving details.

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“POSCO and the Adani group have agreed to explore opportunities for business cooperation,” they said, adding that one of them was the construction of a green and environmentally friendly integrated steel plant in Mundra, in coastal state.

Adani did not immediately respond to an individual investment inquiry.

POSCO now operates a 1.8 million ton cold rolled galvanized plant in the western state of Maharashtra, supplying car steel to India’s leading car manufacturers.

A few years ago, it abandoned plans for what was considered India’s largest foreign investment, a $ 12 billion steel plant project with an annual capacity of 12 million tons in the eastern state of India. ‘Odisha, affected by excessive delays in land acquisition.

Adani aims to invest $ 20 billion in renewable energy over the next decade, saying it will also strive to make its port business a zero-carbon net emitter by 2025. read more

Its flagship, Adani Enterprises, is India’s largest coal trader after facing opposition from climate activists over its drive to operate Australia’s Carmichael mine, one of the largest coal projects. of recent years. Read more

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Report by Nallur Sethuraman in Bangalore and Mayank Bhardwaj in New Delhi; Edited by Clarence Fernandez

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