South Korean steel company Posco welcomed the Friday’s judgemnt by the Supreme Court regarding recommendation of Prospecting licence (Pl) in favour of the company.
Speaking on the court verdict, Chairman-cum-Managing Director of Posco India YW Yoon said it would significantly help expedite the project. “We are happy that it has come at a time when there has been a significant progress on land clearance work for project,” Yoon added.
The company in a Press release here said the State Government had first recommended granting of Pl to Posco India in 2006 to the Central Govt. The Centre had returned recommendation to the State Govt in the same year and directed it to conduct hearing of all the applicants and submit its recommendation again. Based on this, the State Govt had concluded hearing of all the applicants over a time spanning around two and a half years and re-recommended for Pl in favour of Posco to the Govt of India in 2009.
“After the apex court setting aside the judgement of the Odisha High Court, it is hoped that the Central Government would expeditiously look into the recommendation leading to a final decision soon,” said the Posco statement.