India needs hot money as MNCs head for exit: Andy Mukherjee

Oct 24 2013, 15:13 IST
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BHP Billiton, Wal-Mart, Arcelor Mittal, POSCO's high-profile departures have their roots in red tape and business-unfriendly policies. Reuters BHP Billiton, Wal-Mart, Arcelor Mittal, POSCO's high-profile departures have their roots in red tape and business-unfriendly policies. Reuters
SummaryBHP Billiton, Wal-Mart, Arcelor Mittal, POSCO have turned their backs on India projects.

an "inability to carry out exploration operations."

- Wal-Mart Stores Inc. called off its India joint venture with Bharti Enterprises on Oct. 9. The U.S. retailer "will continue to advocate for investment conditions that allow FDI multi-brand retail in India," Asia Chief Executive Scott Price said in a statement.

- South Korea's POSCO said in July it would pull out of a $5.3 billion steel project in India's Karnataka state because of delays in receiving iron ore mining rights and opposition from residents which had held back land acquisition.

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