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Posco pulls out of India project

 

South Korean firm Posco says it has scrapped a proposed steel project in the Indian state of Karnataka after delays and local opposition.

The company said it had dropped the $5.3bn (£3.5bn) project in the state's Gadag area after protests against the acquisition of land for the plant.

Posco said it would proceed with another big project in the country, but the decision still comes as a blow to India's efforts to attract foreign investors.

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Views: 616 Submitted: 07/17/2013