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Posco withdraws Steel plant project in Odisha; asks Govt to take back land possession

Posco

Bhubaneswar: Posco authorities in a letter have asked the State Government to take back the acquired land provided for setting up of a 12-million tonne steel plant in Paradip, Said Industries Minister Debi Prasad Mishra today.

Posco was provided 2,700 acre acquired land by IDCO for setting up the proposed project and was asked to clear dues of Rs 82 crore towards Cess. However the government has been asked by Posco to take back the land provided for steel plant project as the South Korean company has no interest in taking the land’s possession.

Elaborating the issue, Debi Mishra said, “The reason behind the request is Posco’s failure to begin work for the proposed project in Paradip as per the lease conditions. So, the land provided for Posco’s steel plant will remain under IDCO land bank.”

Chief Minister Naveen Patnaik has approved decision for cancellation of the deal, he added.

 

 

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