JSW Group and POSCO Group of Korea inked a Memorandum of Understanding to establish an integrated steel plant in India with a starting capacity of 5 million tonnes annually (MTPA).
According to a news statement from JSW Group, the two Groups will also look into working together on renewable energy and battery materials for electric vehicles (EVs) to fulfill the captive needs of the intended integrated steel factory.
The Memorandum of Understanding was signed at the JSW Group’s corporate headquarters in Mumbai, in front of POSCO Chairman Chang In-hwa, JSW Group Chairman Sajjan Jindal, and senior representatives from both businesses.
India has tremendous potential for long-term growth, and this partnership strengthens JSW’s determination to lead that transformation, said Sajjan Jindal, chairman of the JSW Group.
According to him, this JV also includes cooperation for the establishment of an EV ecosystem in India and renewable energy for a cutting-edge integrated steel factory.
POSCO Chairman Chang In-hwa stated that the partnership will greatly boost India’s and Korea’s economies and encourage cooperation in the direction of a more sustainable and environmentally friendly future.