adani: South Korea’s POSCO, Adani eye steel mill project in $5 billion pact

BENGALURU/NEW DELHI: Indian billionaire Gautam Adani’s infrastructure group and South Korean steel major POSCO aim to invest about $5 billion on projects that include setting up an integrated steel mill in the western state of Gujarat, the companies said.
The project is part of a pact between one of India’s most powerful conglomerates and POSCO, giving the South Korean steel major a fresh opportunity to cash in on growing steel demand in the South Asian nation.
The pact to explore business opportunities, under which both will invest about $5 billion, covers industries such as renewable energy, hydrogen, and logistics, the companies said in Thursday’s statement, without giving details.
“POSCO and the Adani group have agreed to explore business co-operation opportunities,” they said, adding that one of these was putting up a green, environment-friendly integrated steel mill at Mundra…

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