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Posco to sign MoU with Orissa
Staff Reporter
BHUBANESWAR:
The South Asian steel major, Pohang Steel Company (Posco), is all set to sign a memorandum of understanding with the Orissa Government for setting up a 12 million tonne capacity integrated steel project at Paradip next week.
While sources in the government indicated that the MoU was likely to be signed on June 22, the State Steel and Mines Minister, Padmanabha Behera, said the exact date for signing the agreement would be finalised on Thursday. "It is now certain that the MoU will be signed soon, but we will decide the date tomorrow," he said.
"All the issues involved have been thrashed out and we are hopeful of signing the MoU on June 22," Ryu Ho Chang, Team Leader of the Posco project, said on Wednesday.
The integrated steel project, which will account for the biggest ever foreign direct investment in India, will be implemented in three phases at a projected cost of Rs. 52,000 crore.
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