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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.

In a statement, Adani Group said the investment under the MoU is estimated to be up to USD 5 billion.

Adani Group said it "has agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses.

The non-binding MoU intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements, the statement said.

The Adani conglomerate is rapidly ramping up its solar energy portfolio and its ports business with an aim to become carbon neutral by 2025. In the past two decades, the group has rapidly diversified into ports, power generation and distribution, airports, data centers and digital services. Adani, who is also Asia’s second-richest person, has also been focusing recently on expanding his conglomerate into metals. Last month, the group set up a new subsidiary for aluminum.

POSCO already operates a 1.8-million-tonne cold-rolled and galvanized mill in the western state of Maharashtra and supplies parts to auto makers.

Last year, Adani Group had said it will invest $20 billion in renewable energy over the next 10 years and also aims to make its port business a net-zero carbon emitter by 2025.

With inputs from agencies

 

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