India's Adani Group and South Korean steel major POSCO have signed an agreement to explore opportunities, including establishing an integrated steel mill in the western state of Gujarat, the companies said in a statement on Thursday.
The Adani Group said in a statement that the investment under the MoU is estimated to be up to USD 5 billion.
Adani Group said it had “agreed to explore business cooperation opportunities, including the establishment of a green and, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses.
The statement indicated that the non-binding MoU intends to increase collective business-level cooperation in various industries, such as renewable energy, hydrogen and logistics in response to carbon reduction requirements.
POSCO already operates a 1.8-million-tonne cold-rolled and galvanized mill in the western state of Maharashtra and supplies auto parts to auto makers.
Last year, the Adani Group said it would invest $20bn in renewable energy over the next 10 years, and it also aims to make its port business a net-zero carbon emitter by 2025.
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