Orissa set to renew MoU with POSCO India
Bhubaneswar: With five-year duration of the agreement between the Orissa government and POSCO India for setting up a Rs 51,000-crore steel project near Paradip coming to an end on Monday, the state administration is all set to renew the memorandum of understanding.
The South Korean steel major which had been waiting to set up its 12 million tonnes per annum greenfield steel unit near Paradip in Jagatsinghpur district, had meanwhile made formal application for renewal of the MoU.
Though the company had signed MoU with the state government on June 22, 2005, the project failed to take off in the face of resistance from the local people.
"Renewal of the MoU is an official formality. Since work on the proposed project is on, there should be no difficulty in renewing it," Orissa Steel and Mines minister Raghunath Mohanty told a news agency adding that he was optimistic about implementation of the project.
As the government had been renewing MoUs for other projects which had been in the process of setting up their units, there should be no hesitation for POSCO India, Mohanty said refuting allegation that the state government was favouring the South Korean steel giant.
More from India
More from World
More from Sports
More from Entertaiment
More from Health
- Watch: PM Narendra Modi addressing rally in Imphal
- Will Shiv Sena join hands with Congress to stop BJP from entering BMC?
- Why is Akhilesh Yadav encouraging dishonesty for votes?
- China 'threatened' by ISRO's record-setting achievement?
- Report: Are mobile smartphones more unhygienic than toilet seats?
- Ind vs Aus: Mohammed Azharuddin says Jayant Yadav and Ishant Sharma should be replaced in next Test
- Virender Sehwag's reply to Kargil martyr's daughter has taken the Internet by storm
- WATCH: Kieron Pollard's epic celebration after destroying Lahore Qalandars in Dubai
- Indian doctor rescued from ISIS recounts horror, says 'they forced me to watch videos, shot me thrice'
- Mitchell Johnson takes a dig at Anil Kumble over calling Steve O'Keefe 'steady'