Korea's POSCO, Indian conglomerate Adani Group to develop steel mill

India's Adani Group and South Korean steel major POSCO have signed an agreement to explore opportunities, including setting up of an integrated steel mill at the western state of Gujarat, the companies said in a statement on Thursday.

The investment is estimated to be of about $5-billion, the statement said, adding that the non-binding agreement intends to help both companies collaborate further in various industries such as renewable energy, hydrogen, and logistics.