Ahmedabad: After Tata Motors shifted its factory to Sanand Gujarat In 2008, after violent protests in Singur, West Bengal, another major investment project, this time by the South Korean steel giant POSCO, has come to call upon Gujarat to demand fresh life for its steel project in India.
For this, the steel maker has joined hands with a company led by billionaire Gautam Adani. Adani Group and on Thursday they announced the signing of an agreement to set up an integrated steel mill Mundra and to explore collaborations in other businesses. The agreement envisages an estimated investment of $5 billion.
Posco’s plans for a steel project in India have been stalled for many years due to farmers’ protests and land acquisition issues in states like Odisha and Karnataka.
At present, South Korean major POSCO-Maharashtra operates a 1.8 million ton cold rolled and galvanized mill as the most advanced automotive steel supplier in India and four processing centers in Pune, Delhi, Chennai and Ahmedabad.
Gautam Adani, Chairman, said, “We are delighted to announce a partnership with POSCO, the world’s most efficient and advanced steel maker in steel production and carbon reduction. Adani Group. The trade cooperation between the two is expected to create a major partnership synergy in the Indian steel industry.
The project will also mark the entry of Adani Group in the steel manufacturing business.
“POSCO and Adani Group aim to set up a 5 million tonne steel plant in Kutch in the initial phase. The plant will require a large amount of hydrogen and, given Adani Group’s huge plans to produce the cheapest hydrogen in the near future, it makes good business sense. The proposed project will be green and environment-friendly,” said an industry official aware of the matter.
The Adani Group also runs the country’s largest private commercial port at Mundra and given its proximity to the upcoming steel plant, raw material supply or even exports will not be a challenge, he added.
The non-binding Memorandum of Understanding (MoU) between Adani and POSCO envisages further cooperation at the group business level in industries such as renewable energy, hydrogen and logistics in response to carbon reduction requirements.
The Chairman of Adani Group also said that this partnership will contribute to the growth of India’s manufacturing industry and the Atmanirbhar Bharat scheme run by the Government of India. “It will also help strengthen India’s position in green businesses,” Adani said.
Both sides are also examining options to collaborate and leverage the technical, financial and operational strengths of each company. POSCO and Adani intend to use renewable energy resources and green hydrogen in line with ESG commitments to sustainability and energy efficiency of both partners.
“POSCO and Adani have been able to come together in great synergy in steel and eco-friendly business with POSCO’s state-of-the-art technology in steel making and Adani’s expertise in energy and infrastructure. I look forward to this collaboration as a partnership between India and South Korea. Good and sustainable business cooperation model will be there,” said Choi, Jeong-woo, CEO, POSCO. Meanwhile, POSCO and Adani have also signed an MoU with the Gujarat government for support and cooperation for cooperation.
For this, the steel maker has joined hands with a company led by billionaire Gautam Adani. Adani Group and on Thursday they announced the signing of an agreement to set up an integrated steel mill Mundra and to explore collaborations in other businesses. The agreement envisages an estimated investment of $5 billion.
Posco’s plans for a steel project in India have been stalled for many years due to farmers’ protests and land acquisition issues in states like Odisha and Karnataka.
At present, South Korean major POSCO-Maharashtra operates a 1.8 million ton cold rolled and galvanized mill as the most advanced automotive steel supplier in India and four processing centers in Pune, Delhi, Chennai and Ahmedabad.
Gautam Adani, Chairman, said, “We are delighted to announce a partnership with POSCO, the world’s most efficient and advanced steel maker in steel production and carbon reduction. Adani Group. The trade cooperation between the two is expected to create a major partnership synergy in the Indian steel industry.
The project will also mark the entry of Adani Group in the steel manufacturing business.
“POSCO and Adani Group aim to set up a 5 million tonne steel plant in Kutch in the initial phase. The plant will require a large amount of hydrogen and, given Adani Group’s huge plans to produce the cheapest hydrogen in the near future, it makes good business sense. The proposed project will be green and environment-friendly,” said an industry official aware of the matter.
The Adani Group also runs the country’s largest private commercial port at Mundra and given its proximity to the upcoming steel plant, raw material supply or even exports will not be a challenge, he added.
The non-binding Memorandum of Understanding (MoU) between Adani and POSCO envisages further cooperation at the group business level in industries such as renewable energy, hydrogen and logistics in response to carbon reduction requirements.
The Chairman of Adani Group also said that this partnership will contribute to the growth of India’s manufacturing industry and the Atmanirbhar Bharat scheme run by the Government of India. “It will also help strengthen India’s position in green businesses,” Adani said.
Both sides are also examining options to collaborate and leverage the technical, financial and operational strengths of each company. POSCO and Adani intend to use renewable energy resources and green hydrogen in line with ESG commitments to sustainability and energy efficiency of both partners.
“POSCO and Adani have been able to come together in great synergy in steel and eco-friendly business with POSCO’s state-of-the-art technology in steel making and Adani’s expertise in energy and infrastructure. I look forward to this collaboration as a partnership between India and South Korea. Good and sustainable business cooperation model will be there,” said Choi, Jeong-woo, CEO, POSCO. Meanwhile, POSCO and Adani have also signed an MoU with the Gujarat government for support and cooperation for cooperation.
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