Govt to review delays in Posco project: Sharma

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SummaryCommerce and industry minister Anand Sharma today made a case to foreign investors for enhanced investment in the country

Commerce and industry minister Anand Sharma today made a case to foreign investors for enhanced investment in the country, especially in the light of a recently liberalised investment regime and assured South Korean steel major Posco that the government is “concerned about delays in the project and a review would be conducted soon”.

“We have been concerned about the delays in Posco and will be conducting a review. Prime Minister Manmohan Singh himself has been monitoring the development,” Sharma, who is on a two-day visit here for the Global Partnership Summit, told Sukwoo Hong, minister of knowledge economy of South Korea.

The Korean minister said that the project is important for enhancing the economic ties between the two countries and pointed out that this is the biggest FDI proposal in India.

Sharma later told reporters that the government is committed to ensure smooth take-off of the Posco project and “see how we can, in consultation with the state government and concerned department, find an acceptable solution”. He also said that the Cabinet Committee on Investment, set to expedite clearance of projects above Rs 1,000 crore, is meeting on January 30. This will be the first meeting of the CCI.

Etihad team to meet commerce minister on Jan 31

A delegation of Etihad Airways, which is expected to buy stake in Jet Airways, will meet commerce minister Anand Sharma this week. “They are meeting me on January 31,” Sharma told reporters here on the sidelines of Global Partnership Summit. The proposed meeting comes in the backdrop of Jet Airways stating earlier this month that it was in talks with Etihad regarding a potential investment by it in the carrier. The issue is also understood to have come up during the meeting Sharma had with his UAE counterpart Sheikha Lubna Bint Khalid Al Qasimi here. PTI

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