Orissa offers to resolve all issues hurting Mittal, Posco projects | business | Hindustan Times
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Orissa offers to resolve all issues hurting Mittal, Posco projects

business Updated: Jan 08, 2010 20:05 IST
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Worried over losing big projects to other states, Orissa government on Friday offered to resolve all issues hurting the proposed Rs one-lakh crore investment by two global steel giants -- Posco and ArcelorMittal.

The state government's assertion comes a day after Karnataka rolled-out red carpets for both companies and ArcelorMittal's CEO and NRI L N Mittal committing to about Rs 30,000-crore project in the state.

"There will be opposition for political purposes. In a democracy it happens. But Orissa government is making all efforts to give land. Be it Posco or ArcelorMittal discussions are on. Government is trying to overcome these problems. Things are no doubt getting delayed but we are making all efforts," Orissa Finance Minister P C Ghadai said here.

Mittal had yesterday expressed dissatisfaction with the progress made in the Orissa project. Reacting to his comments, Orissa Chief Minister Naveen Patnaik had yesterday said the Rs 50,000-crore project is moving satisfactorily.

Both ArcelorMittal's and Posco's projects in the state have been delayed by over 4 years due to problems in acquiring land and other regulatory bottlenecks.

Posco's Rs 54,000-crore steel project--once billed as the largest foreign direct investment in the country--has also been facing delays. Both the companies plan to set up 12 Million Tonnes Per Annum steel plant in the mineral rich state on over 4,000 acres of land.