Adani and POSCO to jointly set up a steel plant in Mundra

Tags: Economics/Business

Adani Group has signed a Memorandum of Understanding with the South Korean Steel major Posco to set up an integrated steel plant in Mundra, Gujarat with an investment of $5 billion.

• The Government of India has set a target of 300 million tonnes of crude  steel production in India by 2030. 
• As of September 2021 ,India was the second largest producer of steel in the world after China ,with an output of 9.5 Million Tonnes.
•  Posco is the fourth largest steel company in the world after ArcelorMittal, Nippon Steel and BaoSteel of China.
•  It has a 1.8 million tonne cold rolled and galvanised steel mill plant in Raigad, Maharashtra .