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
Trending On Reuters
Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) will not win enough seats to form a government in Jammu and Kashmir, two exit polls showed on Saturday, dampening its hopes of taking control of the state for the first time. Full Article