POSCO and the Adani Group together will be investing up to $5 billion and have agreed to explore business cooperation opportunities, including the establishment of green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses.
The non-binding MoU signed between POSCO and Adani will see further collaboration at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements.
Both the parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.
The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO’s state-of-the-art technology and cutting-edge R&D capability, said Adani in its release.
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