Construction of the proposed Posco steel plant near Paradip is likely to start soon as the Government is taking all possible steps to expedite the project stalled for more than eight years, Union Commerce and Industry Minister Anand Sharma said in New Delhi on Wednesday.
Talking to reporters after meeting South Korea Commerce Minister Sang-jick, Sharma said the project would be developed in two phases and the first phase is likely to take off soon.
Asked about the timeframe, Sharma said, “No, I cannot give you that. We will do everything possible to have it expedited. I think the stage one itself will attract substantial, over half of the projected investment.”
He pointed out that the total projected investment by Posco for its project is more than $12 billion. Sharma said that for development of the first phase of the project, 2,718 acres of land would be required, out of which over 1,700 acres has already been handed over to the South Korean company. The remaining portion of the land would be allotted soon, he added. It may be mentioned that the Posco project has been stalled since 2005 due to land issues and environmental clearances.