The two groups plan to each contribute half of the investment, which is expected to be in the billions of dollars, industry sources in Seoul said.“We hope the partnership with JSW group will contribute to the economic development between Korea and India while leading the transition to an eco-friendly era,” POSCO Group Chairman Chang In-hwa said in a statement.“POSCO will actively invest in future growth by increasing overseas investment centered on the upstream steel production process to overcome tightening economic blocs and secure competitive edges.”The collaboration came as India’s steel demand is expected to rapidly grow.
South Korea’s POSCO Group joined hands with India’s JSW Group to set up an integrated steel plant in the South Asian country with an estimated investment of billions of dollars targeting the sector’s rapid growth in the world’s fifth-largest economy.POSCO Holdings Inc., the parent of the world’s seventh-largest steelmaker POSCO, said on Tuesday it signed a memorandum of understanding with JSW to cooperate on steel, battery materials and renewable energy sectors.
POSCO, which operates integrated steel plants in South Korea, China, Vietnam and Indonesia to meet local demand with lower logistics costs, aims to boost its profits from overseas steel businesses with the new Indian production base.
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