ET reported that the Orissa government has failed to keep its commitment for renewal of the revised MoU with POSCO India Ltd for setting up 12 million tonne steel plant near Paradip by July end as the South Korean company has not agreed to certain conditions in the revised MoU.

Orissa steel and mines minister Mr Raghunath Mohanty said that "I had announced that the MoU with POSCO India will be renewed by July end. In the past too, we had failed to meet previous deadlines. I have now become a liar as POSCO India has not yet responded to our amended MoU draft.”

The state government had signed a MoU with POSCO India, a subsidiary of South Korean steel major POSCO, on June 22nd 2005. Even more than six years after, the steel major 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. The tenure of the previous MoU expired on June 21st 2010.

(Sourced from ET)