JSW Group and Korea’s POSCO Group have signed a Memorandum of Understanding (MoU) to establish an integrated steel plant in India with an initial production capacity of 5 million tonnes per annum. According to a press release from JSW Group, the two companies will also explore potential collaboration in renewable energy and battery materials for electric vehicles (EVs) to meet the steel plant’s energy and material requirements.
The MoU was signed at JSW Group’s headquarters in Mumbai, attended by POSCO Chairman Chang In-hwa and JSW Group Chairman Sajjan Jindal, along with senior executives from both organizations.
JSW Group noted that the agreement aims to include broader cooperation, including efforts to establish an EV ecosystem in India alongside renewable energy solutions to support the integrated steel facility.
Chang In-hwa of POSCO highlighted the partnership’s objective to contribute to economic cooperation between India and Korea, with a focus on sustainable and environmentally conscious development.