Wednesday, July 17, 2013

Posco Withdraws Plan for Steel Plant in India--great success of CPI

Posco Withdraws Plan for Steel Plant in India-By Sean McLain, Saurabh Chaturvedi, Kanga Kong

South Korean Company Cites Rights Delays, Local Opposition for Dropping $5.3 Billion Project

South Korea's Posco dropped plans to build a $5.3 billion steel plant in the Indian state of Karnataka, dealing another blow to New Delhi's struggle to attract foreign capital.

A file photo of supporters of the Communist Party of India at a protest rally in New Delhi against Posco.
Saurabh Das/Associated Press

Dealing another blow to New Delhi’s struggle to attract foreign capital, South Korean steelmaker Posco said it has given up plans to build a plant in the southwestern Indian state of Karnataka. The world’s fourth-largest steelmaker by output signed a preliminary agreement three years ago to build the $5.3 billion facility, with capacity to produce [...]

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