Recent reports showed a significant growth in the steel manufacturing sector of India, with Sajjan Jindal signing a Memorandum of Understanding (MoU) with South Korea’s POSCO Group. This partnership aims to establish an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).
“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. Sajjan Jindal, Chairman of JSW Group, said.
The growth of India’s economy has led to a surge in the steel demand, exceeding the growth of the country’s GDP, creating an opportunity for the Indian steel industry to expand and modernise. Beyond steel, the partnership aims to drive cooperation in battery materials and renewable energy.
The MoU focuses on the potential need for the future of battery materials and renewable energy. With the rising global attention on sustainable energy and the rise of electric vehicles (EVs), India’s drive for green mobility and its dedication to cutting carbon emissions.
The MoU was signed at JSW Group’s corporate headquarters in Mumbai, attended by key leaders including Mr. Sajjan Jindal, Chairman of JSW Group, and Mr. Chang In-hwa, Chairman of POSCO. This milestone event reinforces economic ties between India and South Korea, aiming to enhance India’s steel production capacity while promoting sustainability in both countries.
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.”