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Construction work at Posco project site to be delayed

Construction at the proposed $12 billion project site of South Korean steel major Posco would be further delayed by two months.

business Updated: Jul 15, 2007 16:43 IST

Construction at the proposed $12 billion project site of South Korean steel major Posco would be further delayed by two months as the company is yet get required land near Paradip.

Though Posco had earlier announced that it would begin earthwork at the site of its mega project in October next, it could not meet the deadline due to non-availability of land. "This is for the second time the company rescheduled its target," a company spokesman told PTI.

Initially, the company had fixed an April date for beginning construction work at the plant site.

"It may require four to five more months from July to start work at the proposed site," Posco-India CMD Soung Sik Cho told reporters in Bhubaneswar on Saturday after meeting Chief Minister Naveen Patnaik. He expressed confidence that the work at the plant site would certainly start before this year-end.

Company sources said the next target for beginning the work was fixed at December.

During his meeting with Patnaik, the Posco CMD urged the state government to expedite land acquisition process and the mine leasing issue. Both the issues were now pending for approval with the central government.

"Cho told Patnaik to take up the land matter with the central government as of the 4,004 acre of land required for the project, 3,300 acre belonged to government which comes under forest category."

"Therefore, the state government required approval from the central forest and environment ministry to hand over the land to Posco," the spokesman who was present during the meeting said.