Energy News - Energy Technology - Energy Business

July 17, 2013

Giant Posco scraps India plant in blow to investment
Mumbai, Maharashtra (AFP) July 16, 2013
South Korean steel giant Posco scrapped Tuesday a $5.3-billion deal to build a steel plant in India due to delays, in a blow to New Delhi's efforts to woo investors. The company said it was dropping the project in the southern Karnataka state because of problems in obtaining mining rights and vociferous opposition from local residents. "This is an example that doing business in India is tough," said Sonam Udasi, head of research with IDBI Capital. Posco, the world's fourth-largest steelmaker ... read more

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