 "JSW Energy up 4% as conglomerate signs MoU with Korea's POSCO group")
JSW Energy shares rose 4.12 per cent in trade and registered an intraday high of Rs 670.85 per share on BSE. The demand for the stock emerged after JSW group inked a memorandum of understanding (MoU) with Korea’s POSCO Group for collaboration in steel, battery materials, and renewable energy sectors in India.
Around 12:04 PM, JSW Energy shares were up 2.99 per cent at Rs 663.5 per share. In comparison, the BSE Sensex was down by 0.33 per cent at 79,742.63. The market capitalisation of the company stood at Rs 1,16,366.42 crore.
"JSW Group (JSW), one of India’s fastest-growing conglomerates, has signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group (POSCO), outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India," the filing read.
Further, the tie up will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).
The two groups will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant.
The collaboration is expected to boost India’s steel production capacity and advance sustainability efforts in both countries.
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"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.," said Chang In‐hwa, chairman of POSCO.
JSW Group is an Indian conglomerate with a diverse portfolio consisting of interests in steel, energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital.
The Group's flagship company, JSW Steel, operates multiple integrated steel plants in India, US, Italy with a total global capacity of 35.7 MTPA (including 5 MTPA under commissioning).
JSW Energy, the second largest listed entity of the Group, is a leading independent power producer with platform capacity of 19.2 GW. Recently, JSW Group entered the electric vehicle and battery sectors by acquiring a stake in MG Motors India.
In the past one year, JSW Energy shares have gained 62.8 per cent against Sensex's rise of 24.7 per cent.