Orissa sends Posco-India status to Board of Approval
The government of Orissa has sent its recommendation on SEZ status for the Posco-India project to the Board of Approval under the Ministry of Commerce.
By TNN |
NEW DELHI: The government of Orissa has sent its recommendation on SEZ status for the Posco-India project to the Board of Approval under the Ministry of Commerce.
Posco-India, a subsidiary of the South Korean steel company has signed a memorandum of understanding (MoU) with Orissa in June 2005, to set up a 12-mtpa green field steel plant near Paradip in Jagatsinghpur district in Orissa with investments of $12 billion.
A year after the project was initiated; the company has announced "steady progress" in the project and introduced a code of conduct for employees. In a press release here on Friday, Posco India said the Orissa government has already sanctioned 1,135 acres of land for the plant.
To speed up progress on the land acquisition, a nodal officer, a resettlement and rehabilitation officer and zonal officers have been appointed by the state government.
The company has filed a licence application for prospecting in September 2005 and the grant for the same is expected soon. Soung-Sik Cho, chairman-cum-managing director, Posco-India Private Limited, said "Posco -India, the most prestigious of all projects outside Korea is emerging stronger with every passing day.
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We would like to contribute to the growth and development of India through quality steel production and use of advanced technology. We are very proud to be a part of the Indian Steel Vision 2020."Posco India plans to kick off the site preparation for the steel plant by April 2007. The arrangements for water and power supply for the construction are expected to be in place by March 2007.
The construction for steel plant is projected to begin in September 2008 and the commissioning of first phase is expected by end of 2010 in line with the original schedule.
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