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JSW Group, Posco To Build 5 Million Tons Steel Factory In India

2024-10-29 13:59

Wedoany.com Report-Oct 29, JSW Group and South Korea’s Posco Group will build an integrated steel factory in India with an initial capacity of 5 million tons a year.

The two groups signed an accord to jointly set up the steel factory, the Indian company said in an exchange filing. The groups also plan to collaborate in renewable energy production for the steel plant and to make battery materials for electric vehicles.

“As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth,” JSW Group Chairman Sajjan Jindal said.

The South Korean steelmaker had to earlier abandon a plan for a 12 million tons factory in eastern India after resistance by locals to land acquisition and lack of access to raw materials. in 2022, JSW Steel Ltd. got environmental clearance for a 13.2 million tons steel plant, worth more than $8 billion, at the site abandoned by Posco.

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Steel Factory

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