Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea's POSCO to explore business opportunities in sectors like steel, renewable energy among others. Both the entities have signed a memorandum of understanding (MoU) to this effect.

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In a statement, Adani Group said the investment under the MoU is estimated to be up to USD 5 billion. Adani Group said it "has agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses.

The non-binding MoU intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements, the statement said.