PTI reported that JSW Steel is in the process of acquiring land at Jagatsinghpur in Odisha where it has proposed to set up a 13.2 million tonnes per annum greenfield steel plant with a 900 MW power plant with an investment amount of INR 53,700 crore. JSW Steel Director Commercial, Marketing & Corporate Strategy Mr Jayant Acharya told PTI “It is the same site near the port of Paradip where POSCO was keen to set up a 12 million tonne steel plant. We have already identified that land and the acquisition of that land is going on. Along with the Odisha government, we are doing, the land acquisition part. The process is on and such processes take some time. "Whatever necessary allocations are coming to us who are ready for payment we would be doing that."
The Odisha government & South Korean steel giant POSCO had signed a Memorandum of Understanding in this regard in 2005. However, POSCO had to abandon its proposed INR 52,000-crore project due to multiple reasons from delay in environmental clearances to protests by locals. The pact ultimately expired in 2010 and was not renewed again.
JSW Group had approached the Odisha government for land after POSCO shelved its plan to set up the steel plant. Subsequently, all statutory clearances given to POSCO were transferred to JSW Steel. Last year in December, the hearing for the company's project was conducted.