JSW Group, one of India’s major conglomerates, has signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group to establish an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA). The agreement aims to harness both companies’ expertise to address the rising demand for steel in India, which is accelerating at a rate faster than the country’s GDP growth.
Beyond steel production, the MoU also sets a framework for collaboration in battery materials and renewable energy. This partnership will explore opportunities to produce battery materials for electric vehicles (EVs) and supply renewable energy to meet the plant’s captive requirements, aligning with India’s push towards green energy.
Key Highlights of the MoU:
- Integrated Steel Plant: The partnership will develop a steel plant with an initial capacity of 5 MTPA.
- Battery Materials and Renewable Energy: The collaboration extends to EV battery materials and renewable energy, which will support India’s energy transition.
- Economic and Technological Collaboration: This initiative aims to strengthen economic ties between India and Korea while promoting sustainability efforts.
JSW Group Chairman, Mr. Sajjan Jindal, emphasized the strategic importance of the MoU, stating that this partnership reinforces JSW’s commitment to sustainable growth and technological advancement in India’s steel and energy sectors. POSCO Chairman, Mr. Chang In-hwa, expressed optimism, noting that the collaboration would contribute significantly to the economic development of both countries.
