The Adani Group and South Korea based POSCO have signed a memorandum of understanding for setting up a steel mill worth Rs 500 crore in Gujarat’s Mundra area.

POSCO and Adani intend to utilise renewable energy resources and green hydrogen to make it an environmentally friendly integrated steel mill, a statement from the Adani Group informed.

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Jeong-woo Choi, the CEO of POSCO, said, POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with our state-of-the-art technology in steel making and Adani’s expertise in energy and infrastructure.I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea.

The company also runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanised mill, and four processing centres in Pune, Delhi, Chennai and Ahmedabad.

POSCO and Adani have also signed a MoU with the government of Gujarat for support and cooperation, the release added.

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