POSCO Steel project in Odisha is likely to delay from speculated projection in next month.
According to sources, date for placing foundation stone is difficult to finalize owing to slow progress and work concerned to establishment of POSCO India’s upcoming Steel plant.
POSCO India is an subsidiary of South Korean company POSCO. The parent company signed a MoU in June 2005 with Odisha government to construct a Steel plant worth USD 12 billion. But, various statutory delays and social & environmental controversies vetoed the company from commencement.
As on date, the company has possession of 1,703 acres of land, while it required minimum 2,700 acres. But the company is saying that it won’t be able to start operation before getting complete 2,700 acres. However, 2700 acres will be given to Posco out of 2858 acres attained by district government near project site. Rest shall be kept for establishment of other auxiliary industries,
Environment related controversy is yet to be disposed owing to stay on trees felling, which was placed by National Green Tribunal. The district administration has requested government, to render the land to the company without trees felling.
Talks regarding January 2014, for ceremony started since very initial stage of the project in October 2013. Joongyu Lee, diplomat of South Korea met the state chief minister, Naveen Patnaik and was hopeful for early foundation ceremony of the project. As the district collector and SP will be on a tour in January. Hence, the foundation stone laying ceremony will not take place next month, said the sources.