Industrialist Gautam Adani-led Adani Group has tied up with South Korean company Posco to explore business opportunities in steel, renewable energy and other sectors. Both the companies signed a Memorandum of Understanding (MoU) in this regard. The Adani Group said in a statement on Thursday that up to $5 billion can be invested under the MoU.
The group said it has “agreed to explore business collaboration opportunities, including setting up of a green, eco-friendly integrated steel plant at Mundra, Gujarat, and other ventures.”
Posco CEO Jeong-Woo Choi said that with his company’s state-of-the-art technology in steel manufacturing and Adani Group’s expertise in energy and infrastructure, the two companies will be able to work collaboratively in the steel and eco-friendly business. “I hope this cooperation will become a good and sustainable enterprise cooperation model between India and South Korea,” he said.
Adani Group Chairman Gautam Adani said, “This partnership will contribute to the growth of India’s manufacturing industry and the Government of India’s ambitious Self-Reliant India Plan. It will also help in strengthening India’s position in green enterprises.” POSCO and Adani have also signed MoUs with the Government of Gujarat for cooperation and support at the government level.
Recently, Gautam Adani’s logistics-to-energy conglomerate set up a new company, Adani New Industries Ltd (ANIL) to undertake green hydrogen projects, generation of low-carbon electricity and manufacture of wind turbines, solar modules and batteries under its attempt vision to become the world’s largest renewable energy company and produce the cheapest hydrogen.
The company will do business of developing and operating projects for making low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects such as green hydrogen generation, related downstream products, electricity generation, manufacture of wind turbines, it said.
ANIL will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines, it said.