Don’t miss the latest developments in business and finance.

POSCO set to get India iron ore exploration licence soon - sources

Image
Reuters
Last Updated : Jul 10 2013 | 7:55 PM IST

REUTERS - India is expected to grant an iron ore exploration licence to POSCO for its planned $12 billion steel plant in the country, two government officials told Reuters, in a step that should speed up the project stuck for eight years.

The Supreme Court in May handed a decision on a licence to the federal government, raising the South Korean firm's chances of getting access to iron ore for the project billed as India's largest foreign direct investment.

"POSCO India should get the license in a month or so," said a senior government official involved with the decision-making. "The government is looking at it positively."

(Editing by Jo Winterbottom and Louise Heavens)

More From This Section

First Published: Jul 10 2013 | 7:46 PM IST

Next Story