India’s JSW Group has signed a Memorandum of Understanding (MoU) with South Korea’s Posco Group, establishing a framework for collaboration in steel, battery materials, and renewable energy sectors in India, according to a stock exchange filing.
The partnership aims to set up an integrated steel plant in India with an initial capacity of 5 mln tons per annum. Both companies will also explore collaboration in battery materials for electric vehicles and renewable energy to meet the proposed plant’s captive power requirements.
Sajjan Jindal, Chairman of JSW Group, highlighted the partnership’s significance, stating, “This MoU with Posco marks a major step forward in contributing to India’s steel industry. As one of the world’s fastest-growing economies, India offers tremendous opportunities for sustainable growth, and our partnership with Posco reinforces JSW’s commitment to driving that transformation. This joint venture includes collaboration for renewable energy at a state-of-the-art integrated steel plant and for establishing 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.”
Chang In-hwa, Chairman of Posco, added, “We are excited to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of both Korea and India and further our joint commitment to an eco-friendly and sustainable future.”
JSW Group, a USD 24 bln Indian conglomerate, has a diverse portfolio spanning steel, energy, infrastructure, cement, paints, realty, e-platforms, mobility, defense, sports, and venture capital. Its flagship company, JSW Steel, operates integrated steel plants in India, the U.S., and Italy, with a total global capacity of 35.7 mln tons per annum. Recently, JSW expanded into the electric vehicle and battery sectors with an investment in MG Motors India.
