South Korea steel company Posco, which is facing inordinate delay in setting up its Rs 52,000-crore project near Paradip, is set to face further delay in receiving the acquired land from the State Government as it is yet to pay Rs 54.22 crore towards the lease value of 2193.52 acres.
As a result, the proposal for the transfer of the balance land of 1048.52 acre to Posco has lapsed. The company, which has been claiming that it is paying utmost importance to the project, is not depositing the amount despite several reminders from the Industrial Development Corporation of Odisha (Idco), the land acquisition agency of the Government.
“Despite issue of several reminders till date Posco India has not deposited an amount of `54,22,92, 318 for lease value of 2193.52 acres for which the sanction of balance of 1048.52 acres by collector is lapsed,” said a note sheet of Idco.
The matter would be placed at the review meeting of fast tracking of approval/clearances in respect of large projects by Project Monitoring Group, Central Cabinet Secretariat scheduled to be held on August 8.