Adani enters steel business with $5 billion Posco pact

MUMBAI: Billionaire industrialist Gautam Adani’s infrastructure conglomerate and South Korea’s Posco have inked a $5-billion (nearly Rs 37,000-crore) pact for setting up an integrated steel complex in the former’s home state of Gujarat. This would put the Adani Group in direct competition with Tata Steel, JSW Steel and ArcelorMittal Nippon Steel.
The conglomerate, which is India’s largest player in ports and renewable energy, has been making moves for a play in the metals sector. Last month, it incorporated a new arm for aluminium and, before that, it announced a foray into copper.
The pact with Adani, one of India’s most powerful business houses, will fulfil Posco’s long-held ambition of having a large steel mill in the country.

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Posco had looked to set up a $12-billion steel unit in Odisha. But the project ran into rough weather due to delays in getting mining rights for…

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