JSW Group has signed a Memorandum of Understanding (MoU) with POSCO, outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India.
The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5Mt/yr.
The two groups will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant.
The MoU was signed at JSW Group's corporate headquarters in Mumbai, in the presence of JSW Group chairman Sajjan Jindal, and POSCO chairman Chang In-hwa.
“This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry.''
Sajjan Jindal, chairman, JSW Group
Commenting on the collaboration, Sajjan Jindal, chairman of JSW Group, said, “This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation. This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India. Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond.”
''This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."
Chang In-hwa, chairman, POSCO
Chang In-hwa, chairman of POSCO added, “We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."