Posco India, on 21 June 2006,
announced that it would fix the zero date of its $12 billion steel project in
Orissa as April 2007. Construction work on the project would begin with the
development of a port at Paradip. Construction of the 12 million tpa integrated
steel plant will be taken up subsequently.
The project has been delayed with
respect to its original schedule due to land acquisition problems and
infrastructure bottlenecks. Posco has also cut down its land requirements to
4,004 acres from the original 5,000 acres resulting in the displacement of only
400 families.
Posco, incidentally has completed one
year of signing the MoU, and so far has invested $51.3 million in the project.
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