After Cho’s failure to get the Orissa project up and running, Posco must look for an Indian CMD
A to-let signboard is hanging out side his rented house near Forest Park, his memorable words are still alive in the minds of his employees, but good ol’ Cho is not here to resound his words again. Soung-Sik Cho, the former Chairman-cum-Managing Director (CMD), POSCO India Private Limited (based in Orissa), a subsidiary of POSCO, has quit the coveted job out of the blue.
Indian business dynamics have often proven the nemesis for many globe trotting multi-national conglomerates. Failure to solve the riddle of the Indian work culture, government policies, people’s mind-set, et al has compelled many to give up on their ‘India’ dreams. Thus the obvious question that arises in corporate circles considering Posco’s travails in India so far, is whether Cho is the latest victim to succumb to the enigmatic Indian business environment?
Cho had been in the state since his company inked a MoU with the Orissa government for setting up of a 12 mtpa steel plant near Paradip with a whopping investment of Rs.510 billion (considered as the biggest FDI in India). “I hope we can swim with the positive tide and move closer to the shore with every stroke. If we diligently pursue our targets I am sure we can get our project well on its feet before this year end,” Cho had optimistically said to his employees on the occasion of the fourth foundation year of POSCO India on 23rd August 2008.
Optimism has been a scarce commodity, though, for Posco. The world’s third largest steel producer has been facing problems of all kinds from the very onset of its Indian journey. Currently reeling under delays in starting construction of the $12 billion plant, Asia’s biggest steelmaker by market value has been plagued with various issues, from irked environmentalists to tussles with the Oriya government over various land usage disputes.
A to-let signboard is hanging out side his rented house near Forest Park, his memorable words are still alive in the minds of his employees, but good ol’ Cho is not here to resound his words again. Soung-Sik Cho, the former Chairman-cum-Managing Director (CMD), POSCO India Private Limited (based in Orissa), a subsidiary of POSCO, has quit the coveted job out of the blue.
Indian business dynamics have often proven the nemesis for many globe trotting multi-national conglomerates. Failure to solve the riddle of the Indian work culture, government policies, people’s mind-set, et al has compelled many to give up on their ‘India’ dreams. Thus the obvious question that arises in corporate circles considering Posco’s travails in India so far, is whether Cho is the latest victim to succumb to the enigmatic Indian business environment?
Cho had been in the state since his company inked a MoU with the Orissa government for setting up of a 12 mtpa steel plant near Paradip with a whopping investment of Rs.510 billion (considered as the biggest FDI in India). “I hope we can swim with the positive tide and move closer to the shore with every stroke. If we diligently pursue our targets I am sure we can get our project well on its feet before this year end,” Cho had optimistically said to his employees on the occasion of the fourth foundation year of POSCO India on 23rd August 2008.
Optimism has been a scarce commodity, though, for Posco. The world’s third largest steel producer has been facing problems of all kinds from the very onset of its Indian journey. Currently reeling under delays in starting construction of the $12 billion plant, Asia’s biggest steelmaker by market value has been plagued with various issues, from irked environmentalists to tussles with the Oriya government over various land usage disputes.
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