Government to review delays in POSCO project

NEW DELHI Mon Jan 28, 2013 2:33pm IST

A man walks past a logo of steelmaker POSCO at the company's headquarters in Seoul October 25, 2010. REUTERS/Truth Leem/Files

A man walks past a logo of steelmaker POSCO at the company's headquarters in Seoul October 25, 2010.

Credit: Reuters/Truth Leem/Files

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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)

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