The $12 billion Posco investment in India was supposed to be the biggest FDI project in the country. After six years that still remains on paper Horangineun jugeumyeon gajugeul namgigo, Sarameun jugeumyun ireumeul namginda (When tigers die, they leave behind leather. When people die, they leave their names behind) —Old Korean Proverb The news flash from Press Trust of India came on July 10, 2011. Posco, the $32 billion South Korean steel giant had decided to...

-The Business Standard   Steel maker yet to submit its written response. The renewal of Memorandum of Understanding (MoU) between the Orissa government and Posco India continues to be mired in uncertainty with the company yet to officially respond to the MoU renewal draft sent by the government one month back. The renewal of the pact for a 12 million tonne steel project in the state by the South Korean company that expired on...

Illegal iron ore mining involving hundreds of Indian officials and powerful politicians has devastated local communities in the southern state of Karnataka and cost its treasury more than $3.5 billion in revenue, according to a scathing report by an official anticorruption panel that was released on Wednesday. “In the illegal mining and irregularities committed in the Export of iron ore, we have found the involvement of some 100 mining companies,...

Bellary is only the tip of the rotting earthmound. Can a new proposed legislation clear the air? Two years ago, when the ministry of mines decided to use satellite imaging to survey projects, it unearthed several “unusual activities” across the country. “The amount of mining done and material being Exported didn’t match in areas where certain companies had been given licences,” recounts a former senior bureaucrat with the mines ministry....

-The Economic Times   The Supreme Court on Friday refused to ease its three-month old ban on the manufacture, sale and use of pesticide endosulfan despite an expert committee report favouring lifting the restrictions for all states except the worst-affected Kerala and Karnataka. However, a bench of Chief Justice S H Kapadia and Justices K S Radhakrishnan and Swatanter Kumar agreed to consider the industry's request for permission to Export the...