Indian conglomerate JSW Group and South Korean major POSCO Group have signed a memorandum of understanding (MOU) outlining a framework for the development of an integrated steel plant in India.
The proposed integrated facility is expected to have an initial production capacity of 5mtpa.
The steel plant aims to meet the growing demand for steel in India's burgeoning economy.
The partnership is set to enhance India's steel production capabilities and promote sustainable practices in both nations.
Furthermore, JSW Group and POSCO will explore potential cooperation in the battery materials for EVs and renewable energy sectors, with the latter aimed at supporting the power needs of the new steel facility.
JSW Group chairman Sajjan Jindal said: “This MOU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation.
“This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India. Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond.”
JSW's robust manufacturing footprint and proven project management skills, combined with POSCO's technological prowess, are expected to forge an alliance to develop solutions for the Indian steel and energy sector.
POSCO chairman Chang In‐hwa said: “We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future.”
Last year, POSCO signed an MOU with Invest Alberta to invest in lithium assets across the Canadian province of Alberta.
Invest Alberta aims to tap the South Korean company’s expertise to boost the lithium production process. Posco is looking to invest in the exploration, development and commercialisation of lithium in Alberta.
