Posco Will Not Move out of Orissa: Minister

The South Korean steelmaker Posco which is having trouble acquiring land in Orissa for its project will not move out of the state but be shifting to another plot of land, said Mines Minister BK Handique.

In addition, Posco has also reaffirmed that it is committed to the Orissa project.

Handique said that a Posco representative informed him that the company was shifting to another plot of land. The minister added that Posco would most ‘probably’ get the second plot of land in Orissa as well.

It may be mentioned that Posco is currently facing problems of land acquisition in Orissa. The steelmaker had signed an MoU with the state government in 2005 and the unit was expected to produce 12 mtpa of steel. Posco was expected to invest $12 billion in India’s largest FDI project.

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