Posco seeks extension of its SEZ project

Bhubaneswar: As the validity of the in-principle approval for Posco India's multi-product SEZ near Paradip ended on Thursday, the company has sought Odisha government's no-objection for the same, official sources said on Saturday.
"Kindly forward the no-objection/ recommendation at the earliest in support of our extension request to the central government so that the SEZ Board of Approval can consider our 0case in the forthcoming meeting," Posco-India's General Manager Hak Soo Kim said in a letter to the industries department.
Industries department has asked the steel and mines department and the authorities of the state owned Industrial Infrastructure Development Corporation of Odisha (IDCO) to immediately give their views on the request of the South Korean steel major.
Seeking extension of its in-principle approval till October 2014, Kim said the company was not able to submit required documents for the formal approval as it has not been handed over the full land.
He said the state government has so far handed over physical possession of 1,704 acre of land and expected to get another 1,000 acre of land soon.
"However, the land is not completely encroachment free till date. The encroachment removal and compensation disbursement process is still on," the Posco-India General Manager said requesting the state government to recommend its case early.
Posco's multi-product specific SEZ was proposed over 4004 acre of land in which the company, as the developer, would invest Rs 3,023 crore.
The SEZ project proposed to 6,348,000 tons of finished steel product per year. The project would provide employment for 48,000 people including 18,000 direct employment, sources said.