POSCO Holdings Chairman Chang In-wha, right, shakes hands with JSW Group Chairman Sajjan Jindal, during a memorandum of understanding signing ceremony at the Indian company's headquarters in Mumbai, Oct. 29, 2024. Courtesy of POSCO

Business leaders from Korea and India will sign 20 memorandums of understanding in New Delhi on Monday (local time) on the occasion of President Lee Jae Myung's state visit to the world’s most populous country.

During a forum scheduled to be held on the sidelines of the president’s visit, businesses from the two countries will agree to boost partnerships in steel, shipbuilding, digital services, energy and other sectors.

With POSCO Holdings Chairman Chang In-hwa in attendance, the Korean firm will hold a signing ceremony with JSW Group for a $7.3 billion investment deal to establish a joint venture that will build and manage an integrated steel mill in Odisha.

POSCO has sought since 2004 to build a facility in the eastern Indian state that will produce steel from raw materials in a single location.

The Korean steelmaker agreed in October 2024 to jointly develop an integrated steel mill with India’s largest steel producer and signed an agreement last July. The factory will have an annual capacity of 6 million tons. Last week, JSW’s board approved the investment to establish the joint venture with POSCO.

HD Korea Shipbuilding & Offshore Engineering, an intermediate holding company overseeing HD Hyundai’s shipyards, will sign two separate MOUs with three Indian institutions in the presence of HD Hyundai Chairman Chung Ki-sun.

The shipbuilding group has expressed interest in building a new shipyard in India in line with the country’s Maritime Amrit Kaal Vision 2047, a long-term blueprint to transform India into a global maritime leader by the 100th anniversary of its independence from the United Kingdom.

Hyundai Motor will partner with TVS Motor to jointly develop eco-friendly, high-safety three-wheeled electric vehicles and supply 430,000 units in India by 2037. Hyundai Motor unveiled its electric three-wheeler concept model E3W last year as part of its push into the local mobility market.

Naver CEO Choi Soo-yeon will take part in a signing ceremony for an MOU with Tata Consultancy Services for cooperation in digital map services.

Source: Korea Times News