Posco May Invest USD 12 Billion to Set Up Steel Plant in Odisha
Express News Service reported that South Korea Ambassador Mr Shin Bongkil has rekindled the hope of Posco investing USD 12 billion in a steel project in Odisha. During a virtual roundtable on South Korea and Odisha: Promoting Bilateral Business Opportunities, Mr Bongkil said Korean steel giant Posco has plans to make one of the single largest FDI in the history of India with an investment of USD 12 billion to set up an integrated steel plant in Odisha.
This announcement came after four years of scrapping the green field project, announced in 20005. In February 2017, Posco had communicated its intention to surrender the 1,880 acre of land handed over to it by Idco saying that it had no intention to use it urgently. The project ran into rough weather as the overseas company did not get a firm commitment from the State government to get a captive mines for the proposed plant following changes in the Mines and Minerals (Development and Regulations) Act, 1957.