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Posco to exit from Karnataka steel project

Tuesday, 16 Jul 2013
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Korean steelmaker, Posco, has decided to exit from its finished steel unit in Halligudi village of Mundargi taluk in Gadag, Karnataka.

 

Protests from local and religious communities have stalled the land acquisition process that forced the company to move out of the project. However, a decision on the project site is yet to be taken on its joint venture with SAIL. The company has withdrawn Rs 60 crore of bank guarantee submitted to Karnataka Industrial Areas Development Board (KIADB), for the land acquisition. It has asked the board to refund this money.

 

The company has planned to set up a six million tpa steel plant with an investment of Rs 32,336 crore. It will also include a 400 MW coal-based power unit for captive power generation of the project. In January 2010, the Karnataka Government had given in-principle approval to Posco's business proposal. Post this, the company had signed an MoU with the state government in June 2010, for the project which was progressing till the ruling Karnataka Government, in July 2011, stopped land acquisition work. After the hearing on land acquisition, the next step is measurement of land, which requires the consent of at least 70 per cent of the local residents. KIADB already has about 85 per cent consent from residents. But, due to opposition from the local religious leader and some villagers, the land acquisition was suspended.

 

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