POSCO puts USD 12 billion Odisha project on hold

New Delhi, July 17 (ANI): South Korean steelmaking company Pohang Iron and Steel Company (POSCO) has decided to put its project in Odisha on hold due to delays in regulatory approvals.

According to reports, POSCO has cited lack of progress as the reason for company’s decision to tentatively suspend the Odisha project.

POSCO’s USD 12 billon steel project in Odisha was billed as India’s biggest foreign direct investment.

However, the project has encountered a series of delays.

The company waited for almost a decade to acquire land for the proposed 12 million-tonnes-a-year steel plant due to opposition from the local tribal groups. (ANI)

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