However, the minister did not specify a time frame under which the land transfer will be completed.
Posco will have to bid for an iron ore licence to feed its plant.
The Korean company's proposed 12 million tonne per annum project at Jagatsinghpur district in Odisha is stalled for about a decade.
'A lot of people -- whether farmers, students or businessmen -- think when they take a loan, that everything will go well and they will pay back.' 'Sometimes, things don't go well.'
The 2,500-hectares lease included both notified and non-notified areas.
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