REUTERS - India is expected to grant an iron ore exploration licence to POSCO <005490.KS> 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)
