Posco’s steel plant may be cleared after Aug. 16

Aug 09, 2010 |

Reuters

New Delhi, Aug. 9: South Korean Posco’s $12 billion steel plant project in India could be cleared soon after a panel investigating a breach of law in acquiring land for the plant submits its report on August 16, a top official said on Monday.

Optimism for the project, now delayed by over three years, has risen, given the fact that its progress is being monitored by the Prime Minister’s Office as a test case reflecting India’s investment climate.

“Posco is not as big a problem (as some other projects awaiting clearance),” the government official, part of the decision-making process, said.

“We expect the four-member committee’s report to be submitted on August 16 after which a decision will be formally announced,” the official who did not want to be identified, said.

Posco wants to build the plant and mine iron ore in Orissa.

It signed a memorandum of understanding in June 2005 for the plant, which was to be built in three phases by 2016, with production scheduled to begin by the end of 2011 at the completion of the first phase.

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