S. Korea's Posco scraps India steel project | Bangkok Post: news

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S. Korea's Posco scraps India steel project

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South Korean steel giant Posco said Tuesday it would scrap a $5.3 billion deal to build a steel plant in India because of delays and local opposition. 

A woman holds an anti-US, South Korean and Indian government placard during a protest in New Delhi on April 12, 2013 against farmland being converted into an industrial development area by South Korean steel giant Posco. Posco said Tuesday it would scrap a $5.3 billion deal to build a steel plant in India because of delays and local opposition.

The company said in a stock market notice that it would drop the project in India's southwest Karnataka state after failing to secure land and infrastructure due to opposition by residents.

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