JSW Group (JSW) on Tuesday signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group (POSCO) to set up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).

The partnership will focus on establishing a framework for collaboration in the steel, battery materials, and renewable energy sectors in India.

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, said JSW Group in a press release.

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

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

“This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation," said Sajjan Jindal, Chairman of JSW Group.

This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India, he said.

"Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond.”

Chang In‐hwa, Chairman of POSCO said, "We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."