JSW Group and POSCO Sign MoU to Develop Integrated Steel Plant
JSW Group, India, and South Korea's POSCO Group agreed to sign a Memorandum of Understanding (MoU) for the establishment of an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA). The joint venture will also establish a framework for collaboration in the steel, battery materials, and renewable energy sectors in the country.
Two will look into synergies around battery materials related to EVs and renewable energy solutions to meet captive requirements from a proposed steel plant, a press release from JSW Group said. The combination is expected to add massively to India's steel manufacturing capacity while promoting sustainable activities between the two countries.
Signed MoU was signed at corporate head quarters of JSW group situated at Mumbai, present therein was the JSW group's Chairman Sajjan Jindal and POSCO chairman Chang In-hwa, top senior staff members from both institutions also joined in. To show appreciation to this Memorandum of Understanding, " As one of the worlds speedily growing economies India can prove to be full of amazing chances for sustainable development and Our partnership with POSCO can make JSW truly fit for that growth says", Jindal
The joint venture also consists of plans for renewable energy initiatives and the establishment of an EV ecosystem in India. The collaboration, according to Jindal, should 'really set a benchmark for the future of technology and sustainability that can be used to help India become a manufacturing leader around the world'.
POSCO Chairman Chang In-hwa says he is glad about this partnership, "This alliance will significantly contribute to economic development in Korea and India and drive our joint endeavors toward a greener, more sustainable future".
