South Korean steel making company POSCO, and Indian Adani Group have signed a deal to explore opportunities and to make a steel mill in Gujarat.

The investment would be $5 billion (approx. Rs. 37,000 crores) as planned to develop and establish the steel mill. The agreements between the companies added a few various industries such as renewable, logistics, and hydrogen sector. POSCO already has a 1.8-million-tonne cold-rolled and galvanized mill in Maharashtra and supplies parts to automakers.

“We are pleased to announce the partnership with POSCO, the world’s most efficient and advanced steel manufacturer, in steel production and carbon reduction,” said Gautam Adani, Chairman of the Adani Group.

“This cooperation will be good and sustainable business cooperation model between India and Korea,” said Jeong-woo Choi, the CEO of POSCO.