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“The Chief Minister of Odisha, Naveen Patnaik, has indicated to us that the state government will hand over 2,700 acres (1,093 hectares) of land in the next two months,” Posco India’s corporate relations manager Walter Choudhury told Steel First.
“We will start work as soon as the land is given to us. However, we have already been leased 548 acres of land, but we could not do much, as the land is not much of use,” he said.
Posco India clarified that it would not be acquiring or buying any land directly from villagers or tribes, as the land will be leased to it by the Industrial Infrastructure Development Corp of Odisha (Idco).
The official however declined to comment on how much funds Posco India had invested in the project so far.
“We are committed to build a 12 million tpy plant subject to land availability, Walter stressed.
In 2005, Posco, the world’s fifth-largest steelmaker, signed a memorandum of understanding with the Odisha government to set up a 12 million tpy steel plant.
The project involved an investment of $12 billion and required 4,004 acres of land but it was stalled by land acquisition problems.