Mumbai: Billionaire Industrialist Congo Infrastructure Gautam Adani and Posco South Korea has signed a $ 5 billion pact (almost Rs 37,000-Crore) to establish an integrated steel complex in the first Gujarat state.
This will place the adani group in direct competition with steel, JSW Steel and ArcelorMittal Nippon Steel.
The conglomerate, which is the largest player in India in the port and renewable energy, has made movements to play in the metal sector.
Last month, it combines new arms for aluminum and, before that, he announced robbery to copper.
Pact with Adani, one of the most powerful business houses in India, will fulfill the old Plocco ambition to have a large steel factory in this country.
Posco has seen to establish a $ 12 billion steel unit in Odisha.
But the project experienced rough weather due to delays in obtaining mining rights for iron ore (main raw materials in steel making) and opposition from local residents in obtaining land.
This time, Adani will bring land in Mundra, Gujarat to the table for the factory for hot roll steel (used in construction).
Mundra accommodates the port, strength and facilities of adani food.
Posco, on the other hand, will bring steel skills for the alliance.
South Korean company, the sixth largest steelmaker in the world, has been running a 1.8 million ton factory in Maharashtra for cold-rolled steel (used in household appliances and cars).
In addition, he has four processing centers in this country.
Adani tends to hold the majority in steel efforts with Posco, which will mark the entry into this sector.
Apart from steel, Adani will collaborate with Posco to explore opportunities that cover the renewable energy industry, hydrogen and logistics in response to carbon reduction requirements, Indian conglomerate words, without reducing detail.
Adani made a $ 20 billion push to green energy to make the business a net-zero carbon emitter in 2030.
Venture Steel Adani-Posco can utilize the logistics of Indian conglomerates and renewable energy infrastructure in Mundra, Industrial Sources said.
For example, steel mills can resources from Adani and the latter will get prisoners’ customers in the alloy maker.
Adani entered Bic Bic with a POSCO $ 5 billion Pact
