POSCO, Adani Group to sign a MoU for integrated steel mill

In response to carbon reduction requirements, POSCO and Adani Group have signed a non-binding MoU to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics.

The collaboration includes the evaluation of a joint integrated steel mill in Mundra, Gujarat, based on POSCO’s technology and R&D capability. The investment is expected to be worth up to $5 billion. POSCO and Adani intend to use renewable energy resources and green hydrogen in accordance with their ESG commitments to sustainability and energy efficiency. POSCO and Adani have also signed an MoU with the Gujarat government to secure government support and cooperation for the collaboration.

Earlier this month, Adani New Industries Limited (ANIL), a new subsidiary of the Adani Group, which already owns Adani Solar for solar manufacturing and Adani Green Energy Limited, has been established to carry out the next important step of its green energy goals. ANIL will be the vehicle that will spearhead the group’s objective to focus on green hydrogen projects, low-carbon electricity generation, and the manufacturing of wind turbines, solar modules, and batteries.

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