Posco, Adani join hands for $5 billion steel project in Gujarat

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After Tata Motors shifted its factory to Sanand inGujaratin 2008, following violent protests at Singur in West Bengal, another big-ticket project, this time by South Korean steel giantPosco, has come calling to Gujarat, seeking a fresh lease of life for its steel project in India.

For this, the steel-maker has joined hands with billionaire Gautam Adani-ledAdani Groupand on Thursday they announced the signing an agreement to establish an integrated steel mill atMundraand to explore cooperation in other businesses. The pact

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envisages an estimated investment of $5 billion.

Poscos plans for the steel project in India have been blocked for many years now due to protests by farmers and land acquisition issues in states such as Odisha and Karnataka.

Presently, the South Korean major runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill regarded as the most advanced automotive steel supplier in India, and four processing centres, at Pune, Delhi, Chennai and Ahmedabad.