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

Related Topics

Stocks

   

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)

FILED UNDER:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage