Posco is likely to establish in the lands of Odisha, before the end of 2013.
Most awaited USD 12 billion worth Posco project is likely to find its place in the 7th India and Republic of Korea joint commission meeting (JCM), to be held on 9 November, 2013, between the Indian External Affairs Minister and foreign minister of Korea Republic, at Hyderabad House in New Delhi.
The steel giant, Posco had signed a pact with the state government on 22 June, 2005 for setting up of a 12 MnT pa capacity Steel plant in 4,004 acres of land near Paradip port. Protests from the local residents of the state led to delay in the project for so long.
The state government had recently acquired 2,700 acres of land for the project, enabling the company to set its first phase of an 8 MnT pa capacity steel plant.
The MoU signed earlier with Posco India has lapsed on 21 June, 2010, and a renewed pact needs to be signed. This time they are deciding to sign a tripartite agreement which would include the Odisha Government, Posco India and its parent firm based in Seoul.
The state industries department has asked Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Odisha Industrial Infrastructure Development Corporation IIDCO) and District Collector, Jagatsinghpur district for submitting the latest status report of the project.
P K Dash, Joint Secretary of Industries Department said, “Principal Secretary and industries will attend the meeting. It is ascertained that the matter of Posco project may be discussed in the meeting. Therefore, it is requested that an up-to-date status of Posco project may be furnished to this department early for kind appraisal of Principal Secretary, industries.”
South Korean President, Park Geun-hye will be coming to India on Republic Day as the Chief Guest, so the company should be inaugurated before his arrival, South Korean ambassador to India, Joon-gyu Lee said to Naveen Patnaik.