South Korean steel giant Posco logo (Photo: Wikipedia)
South Korean steel giant Posco logo (Photo: Wikipedia)
Bhubaneswar: Despite the delay to kick off its much-delayed mega steel project near Paradip in Jagatsinghpur district of Odisha, the South Korean steel giant Posco- India, on Wednesday said it is hopeful for the acquisition of 2700 acres of land within two months, for setting up an 8-mtpa steel plant.

“The State Government has so far acquired 2000 acres of land for the project and has already transferred 548 acres to the company. The State Government has assured us to acquire the rest 700 acres of land required by us to set up an 8-mtpa capacity steel plant within two months,” Posco-India CMD Yong Won Yoon told reporters after meeting Chief Minister Naveen Patnaik.

POSCO India CMD Yong Won Yoon addressing media
POSCO India CMD Yong Won Yoon addressing media
It is noteworthy to mention that though the company had initially proposed to set up a 12-mtpa mega steel plant at an investment of Rs 52,000 crore, it revised its plan and reduced the capacity of its proposed project to 8 mtpa in view of difficulty in land acquisition. It failed to pick up due to various issues. The project saw stiff resistance from locals at the project site near Paradip, who have been opposing the project, saying it will displace them from their homelands and ruin their betel leaf farms.

The National Green Tribunal has also suspended green nod for project in March this year.

Apart from this, the MoU signed between the State Government and Posco-India on June 22, 2006 for five years, has also already expired. However, Yoon said mediapersons that Posco had already submitted the documents for the renewal of the MoU to the Government.

Source: 360 NS