Posco has temporarily put on hold Odisha project: State government

| Thursday, May 12, 2016 - 21:27
First Published |
Odisha, South Korean, Posco, $12 billion greenfield steel plant project, Paradip

Posco has temporarily put on hold Odisha project: State government

Bhubaneswar: The Odisha government on Thursday said South Korean firm Posco had temporarily put on hold its $12 billion greenfield steel plant project near Paradip.
"Posco has temporarily halted its proposal to set up the project in Odisha," Industry Minister Debi Prasad Mishra told the assembly.
Union Minister of State for Steel Vishnu Deo Sai told the Rajya Sabha on May 9 that the government had not received any communication from the steel giant on "disinterest" in pursuing the project in Odisha. 
Posco told the National Green Tribunal last month that its proposal for setting up the 12-million-tonne-per-annum steel project cannot proceed further at this stage due to legal hurdles.
The Posco project, touted to be the largest Foreign Direct Investment in India, faced several legal hurdles, including opposition from locals. 
Even though the company inked a memorandum of understanding with the Odisha government in June 2005 to set up the plant, the project is yet to see the light of the day. 
The Centre had asked Posco to bid for mines, to cater to the plant's demand, under the amended Mines and Mineral Development Act, which mandates any company to participate in the auction process.

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