Indian conglomerate JSW Group has signed a memorandum of understanding (MoU) with South Korean steelmaker POSCO Group to collaborate in the steel, battery materials, and renewable energy sectors in India.
The partnership aims to develop an integrated steel plant in India with an initial annual capacity of 5 million tonnes. In addition, the companies plan to work together on renewable energy solutions to meet the needs of the proposed steel facility. They also intend to collaborate on battery materials relevant to electric vehicles (EVs).
This initiative comes as India experiences rapid economic growth and increasing demand for steel. The collaboration between JSW Group and POSCO is expected to bolster India's steel production capacity while supporting sustainability initiatives in both nations.
The MoU was signed at JSW Group's headquarters in Mumbai, which has diversified interests across sectors including steel, energy, infrastructure, cement, and paints.
