Adani, Posco in pact for steel project at Mundra

New Delhi, January 13

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Billionaire Gautam Adani’s group and South Korea’s Posco have signed an initial pact to explore business opportunities to invest around $5 billion on projects that include setting up an integrated steel mill at Mundra in Gujarat, the two firms said on Thursday.

The non-binding pact, if it fructifies, will give Adani Group an entry into steel manufacturing.

To pump in $5 bn

• The companies will explore opportunities to invest around $5 billion on projects that include setting up integrated steel project

For Posco, it will fulfil its long-held ambition of having a large steel unit in India to cash in on growing demand in the country.

South Korea’s largest steelmaker had a few years ago dropped plans for a $12-billion steel plant project with an annual capacity of 12 million tonnes in Odisha due to inordinate delays in land acquisition. —