What is the deal signed between Adani group and the POSCO group of South Korea?
Answer
Answer
Adani Group and Pohang Steel Company (POSCO) of South Korea have entered into a definitive agreement to set up of an integrated steel mill in the state of Gujarat. This deal was announced at part of the Vibrant Gujarat Summit 2022, which was inaugurated by the Prime Minister himself. Incidentally, the Vibrant Gujarat Summit was a brainchild of the current prime minister when he was the chief minister of Gujarat.
Total investments under the MOU between Pohang and Adani Group are estimated to be in excess of $5 billion. This project is likely to be a green, environment-friendly integrated steel mill at the port city of Mundra in Kutch. POSCO currently operates a 1.8-million-tonne cold-rolled and galvanized mill in Maharashtra and supplies to inputs to most of the auto makers. Adani plans to become entirely net-zero carbon by 2025.