Posco-India seeks further extension of its SEZ validity

BHUBANESWAR: Unable to get required land for its proposed multi-product SEZ within the stipulated time, Posco-India has sought Odisha government's recommendation for further extension of the in-principle approval for the purpose, official sources said.

"....We are afraid that we may not be able to secure the minimum required land within the validity of the existing aproval, that is October 25, 2012. Therefore, we would like to apply for in-principle approval one more time," Posco-India Chairman-cum-Managing Director Yoon, Won-Yong wrote to the state government.

The South Korean steel major has requested the state government to invoke Rule 4 of the SEZ Rules-2006 which requires the concerned state to forward its NOC/concurrence/ recommendation to the Centre seeking the approval for extension of in-principle approval of the multi-product SEZ of the company.

POSCO-India has proposed to develop a Multi-product SEZ over an area of 1,620.48 Ha (4,004.22 Ac) in the coastal district of Jagatsinghpur. The proposed SEZ having potential to be commercially and economically viable is likely to attract Rs 53,613 crores of investments, mostly FDI.