JSW Group of India announced on Tuesday that it will cooperate with South Korea's Pohang Iron and Steel Group to build a comprehensive steel plant in India with an initial capacity of 5 million tons per year.
In a filing submitted to the local exchange, JSE stated that the two groups have signed an agreement to jointly construct this steel plant. The two groups also plan to collaborate on producing wind power for the steel plant and materials for battery production for electric autos.
Earlier, Pohang Iron and Steel had to abandon its plan to build a plant in eastern India due to local opposition to land acquisition and inability to secure raw materials. In 2022, JSW built a 13.2 million ton steel plant on the former Posco site in Pohang Iron and Steel, obtaining environmental clearance valued at over 8 billion dollars.
