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Posco backs out of US$12b India project

Steel complex venture stalled by local disputes, lease issues

LOSING STEAM: The Odisha project, the nation's biggest foreign investment, has failed to take off since 2005 because of resistance by local farmers and the failure to secure iron ore mining leases.


POSCO is backing away from a planned US$12 billion steel complex in India, which has been stalled by local disputes and lease issues since it was proposed a decade ago, people familiar with the development have said.

South Korea's biggest steelmaker has tried to get back the...

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