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JSW Group has signed a Memorandum of Understanding with Korea’s POSCO Group (POSCO) to set up a steel plant of 5 mtpa, besides venturing into battery materials and renewable energy sectors.
The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (mtpa).
Further, energy transition is propelling the growth of renewable energy and battery material sectors in India. The two groups will also explore collaborations in the areas of battery materials related to electric vehicles and renewable energy to meet the captive requirements of the proposed integrated steel plant, said JSW Steel in a statement on Tuesday.
Sajjan Jindal, Chairman of JSW Group, said the MoU with POSCO entails collaboration for renewable energy for a modern integrated steel plant and for setting up an EV ecosystem in India.
Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond, he added.
Chang In-hwa, Chairman of POSCO, said the collaboration will contribute significantly to the economic development of Korea and India and drive joint efforts towards a more eco-friendly and sustainable future.
In 2005, the Korean steel giant POSCO signed a memorandum of understanding with the state government of Odisha to construct a $12 billion steel plant.
However, the company dropped the plan due to a prolonged delay in getting approvals.
Apart from Odisha, POSCO India has project sites in Karnataka and Maharashtra.
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