Bhubaneswar:
The Odisha government will sign a fresh Memorandum of Understanding (MoU) with the South Korean steel major Posco by Septemeber. There will be few changes in the 'terms and conditions' incorporated in the original MoU, state steel and mines minister Rajanikant Singh said.
As per reports, the Industrial Development Corporation Odisha (IDCO) has already acquired the required 2,700 acre land and out of this 1,700 acre has already been handed over to the company. The rest will be transferred by 1st of August, he said.
The South Korean Company originally signed the MoU with Odisha way back in 2005 for setting up a 12 MnTPA steel plant with captive port near Paradip with an investment of Rs 52 thousand crore.
However, the project had gone into uncertainties after facing several regulatory hurdles and steep resistance from the local people. Later, the company scaled down its projected capacity to 8 MnTPA and its land requirement to 2,700 acres from 4,004 acres. The company has also agreed to scrap its Iron ore swapping clause in the new MoU.
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