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December 21, 2024
JSW and POSCO have partnered to establish a 5 MTPA steel plant in India, exploring collaborations in EV batteries and renewable energy for sustainable growth.
Date: October 30, 2024
Mumbai- JSW Group (JSW)., a conglomerate, has signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group (POSCO), a provider of eco-friendly future materials that builds a greener and more sustainable future. outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India.
India’s steel demand is outpacing GDP growth, creating a prime opportunity for the sector. The JSW-POSCO partnership plans a 5 MTPA integrated steel plant and will explore collaborations in EV battery materials and renewable energy to support the plant's needs.
JSW’s manufacturing strength and project expertise, paired with POSCO’s tech excellence, form a solid foundation for innovative solutions in India’s steel and energy sectors.
The MoU was signed at JSW Group's corporate headquarters in Mumbai, in the presence of JSW Group Chairman Mr. Sajjan Jindal, POSCO Chairman Mr. Chang In-hwa, and senior executives from both the business houses.
The MoU outlines plan to establish a 5 million Tonnes Per Annum (MTPA) integrated steel plant in India, with additional collaboration in battery materials and renewable energy. This JSW-POSCO partnership aims to enhance India’s steel production capacity and drive sustainability in both countries.
Mr. Sajjan Jindal, Chairman of JSW Group, said, “This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation. This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India. Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond.”
Mr. Chang In‐hwa, Chairman of POSCO said, "We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."
