13 Jan 2022 , 08:56 AM
The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial and operational strengths of each company.
The collaboration includes evaluating a joint integrated steel mill at Mundra, Gujarat, based on POSCOs technology and R&D capability. POSCO and Adani Group intend to utilize renewable energy resources and green hydrogen, in line with both partners ESG commitments to sustainability and energy efficiency.
POSCO runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill and four processing centres in Pune, Delhi, Chennai and Ahmedabad. It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry.
POSCO and Adani Group have also signed a MoU with the Government of Gujarat for support and co-operation from the Government for the collaboration, the press release highlighted.
Adani Enterprises (AEL)s consolidated net profit tumbled 69.5% to Rs 121.74 crore on a 44.8% surge in net sales to Rs 13,218.02 crore in Q2 September 2021 over Q2 September 2020.
Shares of AEL lost 0.76% to close at Rs 1,829.90 on BSE yesterday, 12 January 2022. AEL is the flagship company of Adani Group, one of Indias largest business conglomerates. The companys business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.
Powered by Capital Market – Live News
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.