Adani and a South Korean company have signed pact to build a steel factory in Mundra worth Rs 500 crore

The Adani Group and POSCO of South Korea have inked a memorandum of understanding to build a steel factory in Gujarat's Mundra area worth Rs 500 crore.

According to a statement from the Adani Group, POSCO and Adani propose to use renewable energy resources and green hydrogen to make it an environmentally friendly integrated steel mill.

Jeong-woo Choi, the CEO of POSCO, said, "POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with our state-of-the-art technology in steel making and Adani's expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea."

POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanised mill, and four processing centres in Pune, Delhi, Chennai, and Ahmedabad are also part of the corporation.

POSCO and Adani have also inked an MoU with the Gujarat government for support and cooperation, according to the press release.