Last Updated :
27 February 2008 at 18:30 IST
Red tapism halts Posco’s Orissa project
Commodity Online
NEW DELHI: The Seoul-based Korean steel giant Posco has expressed its concern over the slow progress in obtaining prospecting license for their Orissa project.
Posco, which had in 2005 signed agreement with Orissa government to build a 3 million tonne capacity steel plant, blast furnace or Finex route, during the first phase in Paradeep.
Posco authorities are particularly concerned over securing prospecting license and land acquisition for the project.
The application, which was sent to the Orissa Government for onward passage to the Union Ministry of Mines, was sent back as the state had skipped the procedure of public hearing. This had led to considerable delay in the start of the project.
The project required nearly 4,000 acres of land, but the company has been able to get only 300 acres. Out of the total land requirement, 90 percent belonged to the state government and the rest was t o be purchased from the people.
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