ArcelorMittal cancels their project in Odisha

[Sushubh]

I guess I would consider this a great news. The way this government deals with multinational governments, it is good to see Mittal giving a thumbs down to India.

In the biggest foreign investment pullout, world's largest steel maker ArcelorMittal today scrapped its USD 12 billion (Rs 50,000 crore) steel plant in Odisha over inordinate delays, problems in acquiring land and securing iron ore linkages.The development comes just a day after South Korean steel major Posco pulled out of its Rs 30,000-crore steel mill in Karnataka and the government widened its doors to foreign direct investment for a dozen sectors.

http://www.readability.com/articles/xbfwvudj
However...

However, the company will continue to pursue its other two projects in Jharkhand and Karnataka, it said, adding that "both of which are making steady progress".