Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea’s POSCO to explore business opportunities in sectors like steel, renewable energy among others.
Both the entities have signed a memorandum of understanding (MoU) to this effect.
In a statement, Adani Group said the investment under the MoU is estimated to be up to $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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)