With several deadlines missed for the renewal of the MoU with POSCO India for setting up a mega steel plant in Paradip mainly due to the controversial iron ore export clause, the Orissa government expressed confidence the revised version would be inked by July end.

Orissa’s steel and mines minister Mr Raghunath Mohanty told reporters that "I am confident the MoU with POSCO India will be renewed by end of July admitting that the government had failed to meet previous deadlines.”

The minster said that though the state government had earlier announced to complete the MoU renewal by June end, it failed to do so for certain reasons including the issue of iron ore export provision in the lapsed MoU.

He added that "Now both the steel and mines department and lawdepartment are throughly examining the matter relating to the iron ore export provision in the lapsed MoU.”

The state government had signed MoU with POSCO India on June 22nd 2005. The tenure of the previous MoU expired on June 21 2010.

Though six years have elapsed since then, the company had not been able to acquire an inch of land for the purpose of setting up the INR 52,000 crore mega steel project near Paradip.

(Sourced from www.dnaindia.com)