Posco, Adani Group to set up $5 billion Mundra steel mill

South Korean group Posco and Adani Group have entered an agreement to jointly build an integrated steel plant worth USD 5 billion in Gujarat. This was the third attempt of the South Korean company to have a substantial manufacturing presence in India. The initial non-binding agreement between the two companies states that the environment-friendly steel mill will be established in Mundra, Gujarat, which is also Gautam Adani’s home state. However, details regarding the new plant’s investment and manufacturing capacity have not been disclosed. This alliance is an amazing step for the Adani Group which is so diversified and has interests in various sectors such as ports, logistics, power, airports, mining, infrastructure, and so on. Recently Adani announced plans for major investment for becoming the world’s best renewable energy company. They are also uniting with new-age businesses as part of their plans for their super-app and investment in data centers. According to a statement, renewable energy, hydrogen, and logistics are the further sectors in which the two companies plan on collaborating further at a group level for the reduction in global carbon footprint. The companies have plans for tapping into renewable energy sources as well as green hydrogen, aligning with ESG commitments for sustainable and efficient energy. Image Source