2 weeks Ago By Lee Jun-sung
POSCO Group is set to expand its presence in the Indian market. On October 21, POSCO signed a Memorandum of Understanding (MOU) with JSW Group in Mumbai, India, to collaborate in the fields of steel, secondary battery materials, and renewable energy. The signing ceremony was attended by key executives from both companies, including POSCO Chairman Jang In-hwa and JSW Group Chairman Sajjan Jindal.
Under this MOU, the two groups will embark on a project to construct an integrated steel mill in India and explore various business opportunities in the secondary battery materials and renewable energy sectors. The integrated steel mill is planned to be built in Odisha as a priority area in its first phase, with an annual capacity of 5 million tons, and potential for future expansion is also being considered. Chairman Jang In-hwa stated, "Through collaboration with JSW Group, we hope to contribute to the economic development of Korea and India and lead the era of eco-friendliness.
" He emphasized the expansion of overseas investments to overcome economic blockades and secure a competitive edge. This business partnership is part of Chairman Jang's seven future innovation initiatives announced after taking office, particularly focusing on 'rebuilding steel competitiveness' as a strategy to capture high-growth markets like India and North America. After the MOU, both companies plan to hold regular executive exchanges to continuously monitor the progress of their projects.
In addition, POSCO Group will explore joint investments and technology development with JSW Group in the secondary battery materials sector and plans to start with renewable energy projects for self-supply at the integrated steel mill, ultimately broadening cooperation. India, with its abundant solar and wind resources, is considered an optimal location for renewable energy production. India, which is emerging as the world's largest growing market, is projected to achieve an average annual economic growth rate of 6.
7% until 2030, with steel demand expected to grow at an average of 7% annually, reaching 190 million tons by 2030. JSW Group operates various businesses across India and is actively advancing into the electric vehicle and battery sectors. POSCO Group is already operating successful businesses in India with a cold rolling and coating plant with a capacity of 1.
8 million tons in Maharashtra, along with five steel processing plants in Delhi and Chennai. This strategic partnership is expected to further strengthen POSCO's position in the Indian market. This year, POSCO Group announced its management vision of "Materials for the Future, Innovation for Superiority," with a goal to double the group's consolidated sales and quadruple operating profit by 2030.
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