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    HomeBusinessbusinesstribuneAdani, Posco in pact for steel project at Mundra

    Adani, Posco in pact for steel project at Mundra

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    PTI

    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. —





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