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India's JSW Steel inks pact with S. Korea's POSCO to establish steel plant

India's JSW Steel said on Tuesday it has actually signed an initial contract with South Korea's steel significant POSCO to set up an incorporated steel plant with an initial capacity of 5 million metric tons a year.

JSW Steel, India's biggest steelmaker by capacity, will also explore a collaboration with POSCO on battery materials for electric vehicles in addition to for renewable resource for the proposed steel plant's requirement, it stated.

This JV (joint endeavor) likewise entails partnership for renewable resource for an advanced integrated steel plant and for establishing an EV community in India, Sajjan Jindal, chairman of JSW Group, said in a statement.

POSCO runs a cold-rolled, galvanised mill with an annual production capacity of 1.8 million metric lots in the western state of Maharashtra, providing automotive steel to India's. leading car manufacturers.

It dropped strategies a couple of years ago for what was seen as. India's most significant foreign financial investment - a $12-billion steel plant. project with a yearly capacity of 12 million heaps in the. eastern state of Odisha - stung by inordinate hold-ups in land. acquisition.

In 2022, POSCO likewise participated in a pact with Indian. billionaire Gautam Adani's facilities group to invest about. $ 5 billion on tasks that included establishing an incorporated. steel mill in the western state of Gujarat.

(source: Reuters)