Frustrated over delays in getting approvals for its Rs 52,000 crore (Rs 520 billion) steel project, South Korean steel giant Posco is reviewing its investment plans in India while looking at other options in South East Asia.
Posco project faced difficulties during Cho's tenure as violence at the proposed site delayed implemntation of its Rs 51,000 crore (Rs 510-billion) plant. The company had already undertaken socio-economic survey in the plant site area and gained substantial support from the local people with passage of time.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
Sidestepping objections from several opposition parties, the Orissa government is all set to sign a memorandum of understanding with the South Korean steel major Posco in Bhubaneswar on Wednesday for the establishment of a Rs 52,000 crore (Rs 520 bil
South Korean steel giant Posco is looking for new opportunities and has now teamed up with state-owned SAIL to set up an about Rs 150-billion (Rs 15,000 crore) steel plant in Jharkhand
Decks have been cleared for the signing of the MoU between the South Korean steel giant Posco and Orissa government for the biggest FDI in a single project in the country - a 52,000 crore (Rs 520 billion) steel project at Paradip.
South Korean steel giant Pohang Steel Company on Tuesday asserted that it will develop a captive port near state-owned Paradip port
"The state government has so far acquired over 2000 acre of land for Posco steel plant. The company could easily start its work over the acquired land," Chief Secretary B K Patnaik told reporters.
Work at the proposed site for Posco's controversial Rs 52,000-crore (Rs 520 billion) steel project in Orissa's Jagatsinghpur district resumed on Tuesday after remaining stalled since June 26.
A day after declaring assembly of anti-Posco agitators at entry point to Dhinkia area near Paradip as "unlawful", the Orissa government on Saturday re-deployed police force and hinted at action if protesters continue to prevent movement of officials at the proposed steel project site.
The court was hearing cross appeals filed by the state government and a mine and mineral company challenging the Orissa High Court's order on the issue of iron ore mines.
As part of its strategy to woo the villagers, not only has Posco CMD started taking lessons in the local Oriya language besides strolling into more peaceful villages, the company plans to tie up with an NGO which was started by Manibhai Desai a follower of Gandhi.
The Union ministry of environment and forests on Tuesday put out an 'update' on the integrated steel plant and captive port of Posco India Pvt Ltd, with hints at stopping the Orissa government from transferring 1,253 hectares of forest land to the company for non-compliance of conditions laid down in the final approval of land diversion given on December 29, 2009.
The Orissa government is making all efforts to remove hurdles for establishing the Rs 52,000 crore (Rs 520 billion) steel project by South Korean giant Posco near Paradip, which is mired by displacement woes.
Members of the United Action Committee, who had gone dharna at Gada Kujanga last week demanding fulfilment of their demands, decided to cooperate with the administration.
Nearly fifty officials were to be engaged for demolition of betel vines.
Work at the proposed Posco steel project site in Orissa's Jagatsinghpur district was suspended for the third consecutive day on Monday due to protests by villagers over felling of trees.
An equal joint venture agreement between state-run SAIL and South Korean major Posco is likely to be inked during Steel Minister Beni Prasad Verma's proposed visit to Korea starting November 5.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
Though the fate of the Rs 51,000-crore (Rs 510-billion) project hangs in balance after a four-member Forest Advisory Council filed a split report on withholding environment clearance, people in this coastal village, the hotbed of the resistance movement, are worried about getting displaced.
Of 3,719 acres of land required for Posco project, the minister said the state government had already acquired 2,000 acres in the illegal possession of the people in Gadakujang and Nuagaon gram panchayats.
The Orissa government will reply to the queries made by the Centre on the Meena Gupta panel report on Posco project in next three days, Chief Secretary B K Patnaik said.
The company said it has no plans to shift the $12 billion steel project from Orissa.
The Orissa government on Monday said it will within the next three months, remove all hurdles to South Korean steel giant Posco's Rs 52,000 crore (Rs 520 billion) plant in the state amid a possible review of investment.
South Korean steel major Posco on Friday said the proposed 12 million tonne steel plant in Orissa would result in an economic impact of Rs 12,33,208 crore
Patkar, talking to reporters, said that she wanted to meet the family members of Swain, but a section of locals claimed that the team of activists was there to seek feedback from them about the JSW project.
Top Indian wrestlers have returned to Jantar Mantar in New Delhi to continue their protest
"We have no idea what is happening in reality shows when children participate. These kids are below 15 years. These reality shows are harming kids' psyche and their future, too. If they want to continue, then there has to be proper guidelines laid down by the government for them to follow."
'You want to create a law to give the death penalty to those who kill cows.' 'But you don't want to give the death penalty to the man who rapes an 8-month-old baby.'
Sayantan Bera travels to Jagatsinghpur in Odisha to find that villagers labeled 'pro' POSCO do not have a choice otherwise.
Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering soon. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier. The company has priced its IPO between Rs 303 to 306 per share.
The largest-ever foreign investment proposed in India currently lies in no man's land, hobbled by environmental concerns and the inevitable disagreements over the acquisition of land for the enterprise.
Issue came up for discussions between President Lee Myung-bak and visiting Indian President Pratibha Patil.
As it pits itself against the sarkar and the "company" in a $12 billion stakeout, Latha Jishnu speculates about the future of a small village with an idyllic - but apparently doomed - way of life.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
LN Mittal, who is a frontrunner for acquiring a 51 per cent stake in Sesa Goa from Mitsui and has announced plans for projects in Jharkhand and Orissa worth Rs 40,000 crore each, is planning a $2 billion (Rs 8,600 crore) foundation.
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