New Delhi: 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. 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. AGENCIES