POSCO withdraws Odisha Project, requests Govt to take back acquired Land

The South Korean steel major Posco has scrapped the plan to set up a 12-million tonne (mt) steel mill in Paradip, Odisha. It has asked the Odisha government to take back the 2,700 acre land acquired for setting up of the project.

It is to be noted that Posco had signed an agreement with the State Government in June, 2005, seeking 4,004 acres of land to set up the project.

The land acquisition was delayed due to agitation by the locals which resulting death of five persons, led the authorities to limit the acquisition drive to 2,700 acres.

But the central amendment in the Mines and Minerals Development and Regulation Act in 2015, sealed the chance of the project as the Act made it mandatory for the steel major to go through the auction route to get captive mines.