New Delhi : JSW Group, which is the most important part of Jindal Group, has decided to partner with a South Korean company. In fact, it has announced to sign an MoU with South Korea-based POSCO Group to develop a steel plant of 50 lakh tonne capacity per year in India and to explore opportunities in the battery material and renewable energy sector. This announcement has been made today i.e. on Tuesday.
JSW Group has said in a statement that JSW Group has signed a Memorandum of Understanding (MoU) with POSCO Group, preparing a framework for cooperation in the steel, battery material and renewable energy sectors in India.
Contribution to Indian Steel Industry
The statement said that both sides will explore the possibilities of cooperation in the sectors of renewable energy to meet the needs of battery materials related to electric vehicles and the proposed integrated steel plant. JSW Group Chairman Sajjan Jindal said that this MoU with POSCO is an important step in our journey to contribute to the Indian steel industry.
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JCW's commitment
He further added that as one of the world's fastest growing economies, India presents tremendous opportunities for sustainable development and our partnership with POSCO strengthens JCW's commitment to drive that transformation. Does it.
Establishment of integrated steel plant
He said that together, we aim to set a standard in technology and sustainability that can shape the future of manufacturing in India and beyond. This partnership will focus on setting up an integrated steel plant in India with an initial capacity of 50 lakh tonnes per annum i.e. MTPA.
Important contribution to economic growth
POSCO Chairman Chang In-hwa has said that this cooperation will contribute significantly to the economic growth of Korea and India. It will also advance our joint efforts towards a more environmentally friendly and sustainable future.
(with agency input)
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