First Posco, now Mittal. It’s not looking good for Indian FDI.
ArcelorMittal, the global steel company, said on Wednesday it was pulling out of a planned investment in Keonjhar, in the Indian state of Odisha, because of third-party delays and the bleak economic outlook. The news came a day after Posco, the South Korean steelmaker, said it was dropping plans to build a $5.3bn steel mill in Karnataka after long-running issues on land acquisition.
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