South Korean steel major Posco’s Indian subsidiary, Posco India has been granted another extension for its 1620.496 hectares multi-product SEZ at Jagatsinghpur district of Odisha. This is the 8th time the company has got extension.
Posco India, which is developing a 12 MnTPA steel plant near Paradip had sought extension of in-principle approval granted by the Union commerce and industry ministry for its multi-product Special Economic Zone (SEZ)
The Board of Approval (BoA) of the Special Economic Zones in India under the union ministry of Commerce and Industry in its 60th meeting held on 8th of this month has approved the proposal to give one year extension to the SEZ.
Posco India’s multi Product SEZ, over an area of 1620.496 hectares in Jagatsinghpur District, Odisha was granted LoA on 26th October, 2006. The developer has been granted 7 extensions validity of which is up to 24th October, 2013.
The developer has applied for further extension of one year on the grounds that land is not encroachment free till date and that encroachment removal and compensation disbursement process is still going on.
It is learnt that, considering that it is a project of promise for India and is also one of the largest FDI projects in India, the BoA has approved the proposal. Posco is investing 52 thousand crore for setting up a 12 MnTPA steel project in Odisha. However, in view of the delay and difficulties in land acquisition the company has scaled down the capacity to 8 MnTPA, which will be increased to 12 MnTPA later.
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