Posco-India expects land in 60 days, to revise project cost

 Bhubaneswar: Optimistic about its Odisha despite delay by seven years, Posco-India on Wednesday said it expected acquisition of 2700 acres of land for setting up an 8-mtpa steel plant near Paradip within two months.

"The state government has indicated that it will hand over 2,700 acres of land required by us to set up an 8-mtpa capacity steel plant within two months," Posco-India CMD Yong Won Yoon told reporters after meeting Chief Minister Naveen Patnaik here.

Praising the state government for its support for implementation of the Rs 52,000-crore project, Yong said the company would start physical construction of the project as soon as it got the required land.

Though the company had initially proposed to set up a 12-mtpa mega steel plant at an investment of Rs 52,000 crore, it revised its plan and reduced capacity of its proposed project to 8 mtpa in view of difficulty in land acquisition.

The company required 4004 acres for the 12 tpa plant while it later agreed to manage with 2700 acres of land for setting up 8 mtpa plant.

"The state government has so far leased out 548 acres of land to us. IDCO has already acquired 2000 acres of land for our project and indicated us to acquire rest 700 acres of land within two months," Yong said, adding they had no problem in setting up the project after getting required land.

However, Yong was not sure about the amount of investment in the 8 mtpa capacity plant. "It is difficult to specify the amount of investment for the 8 mtpa project. We have to revise the project cost," he said.

He said the company planned to install 4 mtpa and 4 mtpa capacity in the first phase. "Eight mtpa project will be set up in one phase," he clarified.