Six years after South Korean steelmaker Pohang Iron and Steel Co. signed a memorandum of understanding with the Orissa government for India’s largest foreign direct-investment project, the $12 billion mega-venture remains a non-starter.
The integrated steel project is mired in opposing political agendas, environmental conflicts and the country’s biggest issue: land acquisition by the government and ongoing protests by local residents who contend the land for the project was taken not for public use but for a private company.