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Posco finally gets $12bn nod from India

In India’s biggest foreign investment deal since 1991, the Indian government has on Monday finally given South Korea’s Posco the green light to build a giant $12 billion steel plant in the country. Posco has said it expects to renew `shortly’ its pact with the Orissa government for building the $12 billion steel plant, even as the firm has assured that no exports of iron ore would be conducted from the site.