POSCO to go ahead with its Orissa project
Unfazed by the hostage drama involving seven-hour detention of four of its senior officers, POSCO India asserts it will go ahead with its Rs 52,000 cr project.india Updated: Oct 13, 2007 22:30 IST
Unfazed by the hostage drama involving seven-hour detention of four of its senior officers, including three South Korean nationals, POSCO India on Saturday asserted it would go ahead with its Rs 52,000 crore greenfield steel project near Orissa's Paradip.
"The incident was unexpected. However, it would not affect prospect of the project," said POSCO India spokesman Sashanka Patnaik.
Condemning the incident, the company which is planning to set up a 12 MTPA steel mill near Paradip, said it was deeply concerned about the safety and security of its officials.
"Whatever the situation, the company would go ahead with its project," Patnaik said adding this type of incidents could demotivate investors.
He said the hostage incident would certainly have an adverse impact on foreign investment. "This will not be in the larger interest of the people and the state," he said.
Claiming that resistance to POSCO project had declined to a great extent, Patnaik pointed out that only people of one of the three gram panchayats were opposing it. "While two-third of the population are supporting the project, there is no point in thinking otherwise. POSCO would certainly go ahead with its project," he said.
The South Korean firm also said it had already received environmental clearance from the Ministry of Forest and Environment besides state government's nod for prospecting licence for the iron ore mine in Sundergarh district.
He said the company stood firm on setting up the steel plant.
First Published: Oct 13, 2007 22:27 IST