South Korean steelmaker POSCO has asked Odisha to take back land it acquired for a $12 billion steel project as it has not been able to start work. The move could be a sign that the world’s fourth-biggest steelmaker is scrapping the proposed 12 million-tonnes-a-year steel plant in the Indian state.
In a letter to the Odisha Industrial Infrastructure Development Corporation (IDCO), a state government agency that arranges to make industrial plots available to companies, POSCO has offered to surrender the land.