Posco moves CCI

Posco had announced a $12 bn steel project in Odisha ten years ago. However, it still remains India's largest foreign direct investment proposal. A decade and two UPA terms later, the South Korean company is still struggling with clearances despite Prime Minister Manmohan Singh's assurances on expediting approvals in January, 2014. Now Posco has told the government that it has put construction work on hold at the plant due to the Centre's failure to grant critical approvals, specifically a prospecting licence that it needs to start exploring the mine allocated to it.