Bengaluru / New Delhi: Indian Infrastructure Group Gautam Adani and Posco South Korea Steel aims to invest around $ 5 billion on projects that include preparing an integrated steel plant in the western state Gujarat, the company said.
This project is part of the pact between one of the most powerful Conglomers and Posco in India, providing South Korean steel opportunities to be a new opportunity to cash in steel demands that grow in the South Asian country.
Pact to explore business opportunities, where both will invest around $ 5 billion, covering industries such as renewable energy, hydrogen, and logistics, the company said in Thursday, without providing details.
“Posco and the Adani Group have agreed to explore opportunities for business cooperation,” they said, adding that one of these installed green-integrated steel mills, environmentally friendly in Mungra in the state.
Adani did not immediately respond to a query on individual investments.
Posco is now running a cold and 1.8 million-ton galvanized canai factory in the western state of Maharashtra, supplying automotive steel to leading Indian car makers.
This dropped a plan a few years ago for what was seen as the largest foreign investment in India, a $ 12 billion steel factory project with an annual capacity of 12 million tons in the eastern state of Odisha, stung by delay in land acquisition.
Adani aims to invest $ 20 billion in renewable energy in the next decade, saying it will also try to make its port business as a net-zero carbon emitter in 2025.
Read more of its excellence, Adani Enterprises, is the largest coal trader in India After facing the opposition from climate activists for his encouragement to operate the Carmichael Australia mine, one of the largest Greenfield coal projects of the past few years.