For Posco India, trouble for its proposed 12 million tonne steel project seems to be far from over. The South Korean steel major, which has been encountering strong opposition for five years despite key government clearances, on Sunday faced a strong political rally against the project. Left-backed Posco Pratirodh Sangram Samiti organised the rally at Balituth, near Paradip, to renew its opposition to the $12 billion project, described as one of the largest foreign direct investment in India. Apart from the presence of Left leaders, the rally was also attended by Congress leaders. Balituth is the epicentre of the agitation and an entry point to the 4,000-plus acre project site at Paradip.
British-based investors in POSCO include Barclays, Alliance Bernstein/Alliance Bernstein Global Wealth Management, Foreign and Colonial Investment Trust PLC, and Henderson Far East Income Limited: see