India's JSW Steel said on Tuesday it has signed a preliminary agreement with South Korea's steel major POSCO to set up an integrated steel plant with an initial capacity of 5 million metric tons a year.

Posco and JSW Group plan to partner for a new steel plant in India with a five-million-tonne annual capacity. They will explore ventures in EV battery

Moreover, the two groups will explore collaboration in battery materials related to electric vehicles (EVs) and renewable energy to meet the requirements of the proposed unit

JSW Group and South Korea’s Posco Group will build an integrated steel factory in India with an initial capacity of 5 million tons a year.

( MENAFN - KNN India) New Delhi, Oct 29 (KNN) JSW Group and South Korea's POSCO Group have entered into a strategic partnership through a Memorandum of Understanding (MoU) signed on Tuesday, marking a significant collaboration in steel production, battery materials, and renewable energy sectors in India.

The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA)

POSCO made another attempt to set up an integrated steel plant in Andhra Pradesh through its partnership with Rashtriya Ispat Nigam (RINL) in 2019.

JSW Group (JSW) has signed a Memorandum of Understanding (MoU) with South Korea's POSCO Group for the development of a cutting-edge, integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).

The two companies will first set up a 5 million tonnes per annum (MTPA) integrated steel unit with provisions for capacity expansion, JSW Steel said.