POSCO India’s 12 million tpa steel project in Jagatsinghpur district of Orissa is likely to go through cost overrun due to land acquisition and ancillary work.
The said delay is likely to lead to about 20 per cent cost escalation of the project, which was pegged at around Rs 51,000 crore. Once the state government handed over 2,700 acre of the required 4,004 acre, the company will resume construction. The Phase I of 12 million tonne steel plant is slated to be operational by 2016.
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