You are here: Home » Companies » News
Business Standard

Posco may scrap planned $12-billion steel project

The company waited about a decade to acquire land for the proposed 12-million-tonnes-a-year steel plant, owing to opposition from local tribal groups

Reuters  |  New Delhi/Bhubaneswar 

South Korean steelmaker Posco could scrap plans for a $12-billion project it had agreed to set up in Odisha a decade ago, following a new law that makes it costlier to source iron ore for the plant, a company spokesman said. The 2005 project to set up a steel plant was billed as India's biggest foreign direct investment at that time but it has encountered a series of delays. The company waited about a decade to acquire land for the proposed 12-million-tonnes-a-year steel plant, owing to opposition from local tribal groups. Due to a mining law enacted in March, the company will now also ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, July 17 2015. 00:57 IST
RECOMMENDED FOR YOU
.