Adani, Posco in pact for steel project at Mundra

New Delhi, January 13

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. —