South Korean President to lay foundation stone for Posco project early next year

By Ratikant Mohanty // www.indusvalleytimes.com

Bhubaneswar, Oct. 7: South Korean president is likely Park Gen-hye is likely to visit Odisha early next year to lay the foundation stone for the 12-million-tonne Posco India steel project at Paradip.

This was informed by South Korean ambassador to India Joon-gyu Lee here on Monday. 

Speaking to reporters after his meeting with the chief minister Naveen Patnaik, Mr Lee said he was happy with the state government's efforts at land acquisition.

"We are happy that the state government has completed the land acquisition work. I hope the rest of the ground work will be finished soon after which our president will most likely to visit Odisha to lay the foundation for the project," he said.

Chief Minster Mr Patnaik, while stating that the project was progressing in direction, said the construction work would begin soon.

 “The Posco India project is on the right track and I expect the work would start soon,” Mr Patnaik said.

The Rs 52, 000-crore steel project has been delayed by several years. The Odisha government and Posco India had signed the memorandum of understanding (MoU) for the project in June, 2005. The first phase of the production was supposed to be started in 2011.

The project was delayed as the local villagers led by Posco Pratirodh Sangram Samiti protested displacement for the industrial project.

After the lapse of the original MoU on June 21, 2010, it was decided to sign a tripartite agreement involving the Odisha government, Posco India and its parent firm- South Korean steel behemoth Posco. However, that has not taken place as yet.