The companies signed a memorandum of understanding Oct. 21 in Mumbai to construct a facility with an annual capacity of 5 million tons in Odisha state and pursue cooperation in battery materials and renewable energy projects.
The agreement, signed by POSCO Chairman Choi Jeong-woo and JSW Chairman Sajjan Jindal, aims to capitalize on India's growing steel demand, which is projected to expand by 7 percent annually to reach 190 million tons per year by 2030 amid forecasted economic growth of 6.7 percent.
"I expect to contribute to the economic development of both Korea and India with JSW Group and lead the transition to an eco-friendly era," Choi said.
POSCO would "actively pursue growth investments at the group level, including expanding overseas investment centered on steel upstream processes," he added.
JSW Steel operates four integrated steel mills in the world's most populous nation.
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