India today reiterated its full commitment to South Korean steel project, Posco in Orissa, saying the issues related to procedures will be solved soon. Billed as India's biggest foreign direct investment, the Pohang Steel Company, Posco project has been delayed by more than five years due to protests by farmers who are agitating against giving up their fertile agricultural land and on the grounds of some environmental concerns. Talking to media in Seoul, sources said, the issue of Posco is different from other Korean investments as it involves acquiring of nearly 4,000 acres of land. The sources, however added that the Centre and Orissa government are trying positively to remove the roadblocks. Earlier, the Union Commerce and Industry Minister Anand Sharma, also promised to look into deeply the issues concerning 52,000 crore rupees project in a constructive fashion. It is to be recalled that South Korean steel giant Posco disagreed with the Expert Appraisal Committee of Union environment ministry for describing the clearances granted to it as mockery of the rule of law. In a wriiten statement last week, the beleaguered company said it has never violated the rules and regulations and is still awaiting the permission to set up the 12 million tonne project in Orissa.
News On AIR | November 11, 2010 2:04 PM
India reiterates full commitment to expedite South Korean steel project in Orissa