POSCO-India CMD Y W Yoon hoped that the first phase of the 8 MTPA integrated steel Plant at Paradip in Odisha will be commissioned in the early 2018.
While interacting with visiting mediapersons from Odisha here, Mr Yoon said after the land was handed over to the company, the rehabilitation and land preparation would take two years and the construction work is expected to take three years.
The CMD said the POSCO-India is committed to set up the project in Odisha as per the law and rules of the state and the country and hoped that the land would be handed over to the company soon.
He said so far the state government had handed over 548 acres of land to the company and the process for handing over 1700 acres of more land is on. POSCO is yet to take the physical possession of land in the area so far.
Mr Yoon said the acquisition of land and non-availability of iron ore had delayed the project in Odisha.
The POSCO CMD said the company was waiting for the Supreme Court judgement on the award of mining lease. “We have strong belief in Supreme Court and we hope that the decision would go in our favour,” he said.
When asked what the Company would do if the decision did not go in their favour, the CMD said they would discuss the issue with the state government.
Mr Yoon said the Company had already submitted all relevant documents for the renewal of the MoU. He said as per the new proposal, the POSCO had agreed to all new clauses put forth by the state government. The company has agreed not to export iron ore and dropped the idea of swapping of iron ores outside the country.
When told that the government had also banned the swapping of iron ore within the country, Mr Yoon said they would seek a second opinion on the issue from the central government but at the same time said if the state government had a policy, the company would abide by it.
[Source — NewKerala]