JSW Group signs pact with POSCO Group to develop integrated steel plant in India

JSW Group (JSW), one of India’s fastest-growing conglomerates, has signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group (POSCO), outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India. India is one of the fastest-growing economies in the world. This is reflected in a strong demand for steel which is accelerating at a faster pace than the GDP growth of the country.

This presents a unique opportunity for the Indian steel sector. The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA). Further, energy transition is propelling the growth of renewable energy and battery material sectors in India.

Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel

The two Groups will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant. JSW’s leading manufacturing presence and strong project execution capabilities, combined with POSCO’s technological excellence, would create a strong platform for developing cutting-edge solutions for the Indian steel and energy sectors.

The MoU was signed at JSW Group's corporate headquarters in Mumbai, in the presence of JSW Group Chairman Mr. Sajjan Jindal, POSCO Chairman Mr. Chang In-hwa, and senior executives from both the business houses.

The MoU sets the stage for the development of an integrated steel plant in India with an initial capacity of 5 million tonnes per annum. Beyond steel, the partnership aims to drive cooperation in battery materials and renewable energy.

The collaboration between JSW Group and POSCO Group is expected to boost India’s steel production capacity and advance sustainability efforts in both countries.