Adani Group, POSCO sign agreement to develop steel mill in Gujarat

The investment is estimated to be up to $5 billion, according to the statement.

India's Adani Group and South Korean steel major POSCO have signed an agreement to explore opportunities, including setting up of an integrated steel mill at the western state of Gujarat, the companies said in a statement on Thursday.

The investment is estimated to be of about $5 billion, the statement said, adding that the non-binding agreement intends to help both companies collaborate further in various industries such as renewable energy, hydrogen, and logistics.

The Indian conglomerate did not immediately respond to a query on individual investments. POSCO already operates a 1.8-million-tonne cold-rolled and galvanized mill in the western state of Maharashtra and