POSCO and JSW Join Forces for Major Steel Plant in India

South Korea's POSCO Group and India's JSW Group have signed a Memorandum of Understanding (MoU) to establish an integrated steel plant in India with a capacity of 5 million tonnes annually. This partnership also explores collaborations in battery materials and renewable energy sectors to foster sustainable growth.

The POSCO Group of South Korea announced its partnership with India's JSW Group to establish a major steel plant in India, marking a significant advancement for both entities in the steel industry. The partnership comes in the form of a Memorandum of Understanding (MoU), with an eye on meeting the country's rising demand.

The initial phase of this integrated steel venture is set to have a production capacity of 5 million tonnes annually. Although specifics about the investment and plant location remain undisclosed, industry insiders speculate costs to rise around Rs 40,000 crore for the project based on existing financial assessments by JSW.

In addition to steel, the MoU paves the way for both groups to delve into the battery materials and renewable energy sectors—areas vital for Electric Vehicle production—to satisfy the proposed plant's energy needs. This initiative showcases a collaborative commitment to technological advancement and sustainability, benefiting both the Indian and Korean markets.

(With inputs from agencies.)