Even as its 12 million tonne steel project in Orissa is waiting to take off, South Korea's Pohang Steel Company, the world's fifth largest steel maker
Posco India, the subsidiary of South Korea's Pohang Steel Company, is struggling to implement its 12 million tonne per annum steel project, although an MoU for it was signed with the Orissa government in June 2005. Its officials have been abducted twice in five months - the latest being last Satudary, but released unharmed by activists opposing the steel plant. The incidents prompted the police to ask Posco to withdraw its officials from the project site near paradip.
South Korean steel giant Pohang Steel Company (Posco) has abandoned its plan to use the Paradip Port due to its low cargo-handling capacity and instead decided to develop a new port, six kilometres from Paradip, at a cost of about $200 million.
South Korean steel giant Pohang Steel Company on Tuesday asserted that it will develop a captive port near state-owned Paradip port
Billed as India's biggest foreign direct investment, the Posco project has been delayed by more than five years.
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.
After struggling to acquire land for a steel plant in Orissa since 2005, Korean steel giant Pohang Iron and Steel Company (Posco) has found a way of gaining a foothold in India. It has agreed in principle to tie up with state-owned Steel Authority of India Ltd for a steel project that is likely to cost upwards of Rs 15,000 crore.
Sayantan Bera travels to Jagatsinghpur in Odisha to find that villagers labeled 'pro' POSCO do not have a choice otherwise.
