Bhubaneswar: Unable to proceed with its project within the stipulated time due to land issue for its proposed multi-product SEZ in Jagatsinghpur district, Posco’s subsidiary Posco India Pvt Ltd has sought the recommendation of the State Government to further extend the in-principle approval for the purpose that is going to expire on October 25, 2012.
Posco-India has requested the State Government to invoke Rule 4 of the SEZ Rules-2006 which requires the concerned state to forward its NOC/concurrence/ recommendation to the Centre seeking the approval for extension of in-principle approval of the multi-product SEZ of the company.
Posco-India had proposed to develop a Multi-product SEZ over an area of 4,004.22 acres that has the potential to be commercially and economically viable and is likely to attract Rs 53,613 crores of investments, mostly FDI.
Earlier Posco-India had received an in-principle approval from the BoA for setting up the Special Economic Zone (SEZ) at Jagatsinghpur which was valid till October 2011.
Later, the state government had again recommended the extension of the in-principle approval up to October 2012.
Source: 360 NS