Orissa can now divert forest land for the steel project.
A year after signing the MoU with South Korean steel maker Posco, the Orissa government has assured the company of about 1,135 acres of litigation free government land for its proposed 12 million tonne steel project near Paradip. \n
Posco India had entered into an MoU with the state government on June 22, 2005 and with the term of the agreement coming to end this month, it requires to be renewed.
Facing resistance from people who are likely to get displaced by its mega steel project near Paradip, South Korean steel major Posco is looking at "other options".
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 major Posco will build the $12 billion plant in Orissa in three phases and hopes to start work on four million tonne (MT) first phase soon after the land is transferred to it.
The Korean major, which is not able to set up the unit for the past seven years because of land acquisition issues and agitation by the locals, has revised its land requirement to 2,700 acres from the earlier 4,000 acres.
After putting the project on hold last year, Union Environment Minister Jairam Ramesh on Monday granted conditional clearance for South Korean major Posco's $12 billion steel mill project in Orissa.
Steel Authority of India Limited and Posco are in discussions to set up a 1.5 million tonne integrated plant in Bokaro to produce high grade steel from low-grade iron ore and non-coking coal by using the world's third largest steel company's FINEX Technology.
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.
Seeking to dispel confusion over the shifting of Posco plant in Orissa, the state government on Thursday asserted that the Rs 51,000 crore (Rs 510 billion) project of the South Korean steel giant would come up at its proposed site only, near Paradip.
Project opponents, led by Posco Pratirodha Sangram Samiti, the organisation spearheading the agitation against the South Korean company, held a massive rally and protest meeting on Saturday at Balitutha, entry point to the project site. People from the affected villages such as Dhinkia, Gobindpur, Nugaon and Gadkujang attended.
After being halted for more than a year, land acquisition for the showpiece Rs 52,000-crore Posco steel plant in Odisha resumed on Sunday amid clashes between police and protesters.
It could be Nandigram all over again. Tension gripped the three panchayats near Paradip in Orissa on Wednesday
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.
The company has obtained the stage-I forest clearance from the Union Ministry of Environment and Forests. Subject to fulfilment of the stage-I conditions in terms of mitigation measures, steps will be taken for the next stage of approval, said official sources.
Posco India on Wednesday pressed for handing over of 2,700 acres of land to the company for start of construction of its much hyped project in the state.
This is the third incident in the last three days when activists took at least 13 Posco officials into captivity when they tried to enter the proposed steel plant area
The government is working to expedite clearances to $12 billion project of steel major Posco in Odisha that was awarded environment clearance last week, Commerce and Indutry Minister Anand Sharma said on Tuesday.
SC has asked Posco to submit a composite forest diversion proposal for its steel project in Orissa, thereby putting the company in a Catch22 situation.
The land acquisition work will start in a peaceful manner," Steel and Mines Minister Raghunath Mohanty told reporters adding the land acquisition work had been halted for nine months due to a 'stop work' order from the Ministry of Environment and Forest.
Some news reports have suggested that the South Korean steel giant is not willing to settle for anything less than a majority stake in the proposed joint venture and has also refused to transfer it's FINEX technology to SAIL.
"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.
South Korean steel giant Pohang Steel Company on Tuesday asserted that it will develop a captive port near state-owned Paradip port
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
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.
The state government had recommended prospecting licence in favour of Posco-India thrice, but was unable to get them through.
Nearly fifty officials were to be engaged for demolition of betel vines.
Commenting on the development, H K Patil, minister in charge for Gadag district in the Karnataka government, said the people of the area will be happy with Posco's pullout.
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.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
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.
South Korean steel giant Posco has narrowed down on Sanand (Gujarat) for setting up its steel coil unit at an investment of $20 million.
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.
The Korean company's proposed 12 million tonne per annum project at Jagatsinghpur district in Odisha is stalled for about a decade.
