1 / 12South Korea’s Posco and Adani Group have agreed to jointly build a $5 billion integrated steel plant in Gujarat in the third attempt by the South Korean steel giant to have a significant manufacturing presence in India.2 / 12As part of an initial non-binding agreement between Posco and Adani, the environment-friendly steel mill would be built at Mundra in Gujarat, the home state of the billionaire Gautam Adani-led conglomerate.3 / 12Details such as the investment and manufacturing capacity of the new plant were not disclosed.4 / 12The alliance is a significant move for the diversified Adani Group, which has interests in logistics, ports, airports, mining, power generation and distribution, renewable energy, gas and infrastructure.5 / 12Adani has recently announced major investment plans as part of an ambitious plan to become the world’s top renewable energy company.6 / 12The group is also venturing into new-age businesses with plans for a super app and investing big in data centres.7 / 12Both Posco and Adani plan to further collaborate at the group level in other sectors such as renewable energy, hydrogen and logistics to respond to their global carbon reduction requirements, according to a joint statement.8 / 12They said they plan to tap renewable energy sources and green hydrogen, in line with their ESG (environmental, social and governance) commitments to sustainability and energy efficiency.9 / 12Both parties are also examining various options to cooperate and leverage the technical, financial and operational strengths of each company, according to the statement.10 / 12In the near future, the company will invest Rs 5 lakh crore for the development of a one lakh MW renewable energy plant and green hydrogen ecosystem in Gujarat. The company will also invest Rs 5 lakh crore in the next three to five years for the development of one lakh MW renewable energy plant and green hydrogen ecosystem in Gujarat. Also among the projects currently underway in the state in the next three to five years11 / 12In the near future, Rs 5 lakh crore will be invested for the development of one lakh MW renewable energy power plant and green hydrogen ecosystem in Gujarat. The company also sells solar photovoltaic modules, electrolyzers for hydrogen production, energy storage batteries and12 / 12Posco has had a chequered journey in India so far, with unsuccessful attempts of setting up mega steel projects in Odisha and Karnataka.