Mumbai, Aug. 18 -- JSW Steel and South Korea's POSCO Group have signed a non-binding Heads of Agreement (HoA) to jointly explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in India, as per a joint statement on Monday.

The agreement builds on a Memorandum of Understanding (MoU) entered into by both companies in October 2024 that outlined the framework for a proposed 50:50 joint venture aimed at enhancing India's steel production capacity.

The HoA was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President, POSCO Holdings, and Jayant Acharya, Joint Managing Director and CEO, JSW Steel.

According to the companies, the next stage will involve a detailed feasibility study co...