India: Posco closes last chapter in Odisha project
It’s official now that South Korean steel major Posco has scrapped the plan to set up a 12-million tonne (mt) steel mill in Paradip, Odisha. It has written to the state government that it wants to surrender the land allotted for the project...Though all activity on the plant came to a halt two years ago, leading to speculations of the firm pulling out of the venture, both Posco and the Odisha government had denied it. Therefore, Posco’s letter is seen as the first official communication marking the scrapping of the project. 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 often took a violent turn.