Small BusinessPosco seeks more time for Orissa steel SEZ
Posco India has sought more time from the Centre for implementing Rs 54,000 crore SEZ project at Jagatsinghpur in Orissa, as the South Korean steel giant could not get land due to protests by tribals.
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"Due to certain issues in the acquisition of large land for a multi-product SEZ, Posco India has not been able to meet the minimum land requirement for the SEZ," an official in the Commerce Ministry said.
The inter-ministerial Board of Approval will consider the Posco request at its meeting on December 15 here.
The company, which is also facing regulatory hurdles in leasing iron ore mines, has already been given extension twice since October 2006, when it received in-principle approval for 12 million tonnes project.
Posco India, the wholly-owned subsidiary of world"s fourth largest steel maker, has conveyed to the Commerce Ministry that it is "committed to the project" despite the problems of land acquisition.
Bulk of the about 4,000 acres falls under the forest land for which the company received clearance from the Green Bench of the Supreme Court last year.
However, since tribal in the area are protesting against the land acquisition, the project has not been able to move forward.