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POSCO war Zone - Extension sought for SEZ approval
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Sunday, 21 Oct 2012

Business Standard reported that POSCO India has sought extension of in principle approval for its multi product Special Economic Zone proposed near Paradeep in coastal Odisha.

Mr Yong Won Yoon MD of POSCO India's said that "The Odisha Industrial Infrastructure Development Corporation has leased 222.13 hectares of the non forest government land for the SEZ. The Union ministry of environment and forests accorded final approval for diversion of 1253 hectares of forest land in favour of the developer in May 2011. Following this, Idco cleared encroachments from about 607 hectares of the land by June 2011, which is now in very advanced stage of allotment. Idco is now preparing to remove encroachments from the remaining land, which will also be allotted to us shortly.”

The approval for the company's SEZ project expires on October 25 this year. The steel maker has requested the Odisha government to forward its no objection certificate recommendation to the Board of Approvals under Union commerce ministry as required under Rule 4 of SEZ Rules, 2006.

The South Korean steel major has proposed to develop a multi product SEZ over an area of 1620.48 hectares in Odisha's Jagatsinghpur district. It will attract INR 53,613 crore of investment, mostly FDI.

Source - Business Standard


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