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POSCO war Zone - POSCO figure a blunder - Minister

Steel News - Published on Thu, 28 Apr 2011

A question mark has been raised over South Korean steel giant POSCO’s actual investment in its proposed 12 million tonne steel project near Paradip in Jagatsinghpur district.

The state government had made available documents which showed that the company had already invested INR 3,000 crore in the state out of its proposed investment of INR 51,000crore.

The state government came out with new figures stating that the company has so far invested only INR 329.15 crore in the proposed project.

Mr Raghunath Mohanty Steel and mines minister said “It was a blunder on our part. After inquiry we got to know that POSCO has invested INR 329.15crore and not INR 3,000 crore.”

According to the latest figures provided by the government the company has employed 42 people directly instead of the 53 shown in the documents provided earlier. While 35 people have been recruited from within the state seven people have been recruited from outside Orissa.

POSCO India Limited signed a MoU with the state government on June 22 2005 to set up a steel plant on an area of 4004 acres near Paradip in Jagatsinghpur district. However due to stiff opposition by the POSCO Pratirodha Sangram Samiti a people’s outfit, the state government has not able to acquire land for the project.

(Sourced from the Telegraph)
Posted By : admin on Thu, 28 Apr 2011
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