Business Update29 Oct 2024, 03:51 pm
JSW Energy & POSCO Group Sign MoU for Steel Plant, Battery Materials, and Renewable Energy in India
AI Summary
JSW Energy Ltd and Korea's POSCO Group have signed a landmark MoU to explore collaboration in battery materials and renewable energy in India. The MoU outlines a framework for collaboration in steel, battery materials, and renewable energy sectors in India. The partnership aims to set up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum. The two groups will also explore collaborations in battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant.
Key Highlights
- Development of an integrated steel plant in India with an initial capacity of 5 million tonnes per annum
- Collaboration in battery materials and renewable energy sectors
- Boost India’s steel production capacity and advance sustainability efforts
- JSW’s leading manufacturing presence and strong project execution capabilities combined with POSCO’s technological excellence
- Contribution to the economic development of Korea and India and drive towards a more eco-friendly and sustainable future