South Korea wants PMO to untie power knots, raises concerns over fate of Korean investments


South Korea wants PMO to untie power knots, raises concerns over fate of Korean investments

South Korea has sought the intervention of the Prime Minister Narendra Modi’s office (PMO) to instil confidence among Korean investors, while airing serious concerns over the fate of existing Korean investments in the Indian power sector. South Korean president Moon Jae-in is touring India since Sunday.

Ahead of a summit with PM Modi to discuss economic cooperation, South Korea raised concerns over abrupt, arbitrary and unfair policy changes by India that adversely affected South Korea’s first foreign direct investment (FDI) in the Indian power sector.

South Korean authorities have also expressed unease over the fate of their joint venture investment in Indian power sector turning into non-performing assets and facing threat of Indian banks moving the National Company Law Tribunal (NCLT) to initiate insolvency process. Read More

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