POSCO pulls out of Odisha


Bhubaneswar / Paradip : The much talked about POSCO 12-million tonne steel plant project in Paradip which was said to be the highest ever FDI into India, has finally been scrapped and the company shall be leaving Odisha.

“Govt of Odisha  had acquired land and Posco was provided with the same. POSCO was asked to clear their pending dues of Rs 82 crore for the 2700 acre land given to them. Posco in return has asked the government of Odisha to take back the said land as they have scrapped the project”, said Minister Mishra

Odisha Chief Minister Naveen Patnaik has approved the decision to cancel the deal and now the said returned land shall be taken over by IDCO.


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