POSCO sees India project takeoff by Apr

The South Korean steel giant expects to start work on a $12 billion integrated steel complex in Orissa by April next year.

POSCO Co Ltd, the world's fifth-largest steel maker, expects to start work on a $12 billion integrated steel complex in the Indian state of Orissa by April next year, a company official said on Monday.

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The South Korean steel company last year signed a contract to build the plant, the largest single foreign investment in India. "We hope to start work on the project from April next year," Sang Moo Doh, POSCO's India representative told Reuters after meeting officials in the Prime Minister's Office.

"There has been no overall change in the cost of the project. It is still at $12 billion."