Government to review delays in POSCO project
NEW DELHI (Reuters) - India will conduct a review of the delays that have hit a planned investment by the South Korean steelmaker POSCO (005490.KS), Trade Minister Anand Sharma said on Monday.
POSCO plans to build a $12 billion steel mill in Odisha, but the project has been held up for years due to protests from local farmers and fishermen. The South Korean government has voiced concerns about the delay over what is touted as India's biggest single foreign direct investment.
"We are concerned about the delays and will be conducting a review. The Prime Minister himself is monitoring the issue," said Sharma, according to a government statement.
(Reporting by Matthias Williams; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article