Posco sets up team with PPT on Paradip Port

Posco sets up team with PPT on Paradip PortPosco-India, the Indian unit of the global steel giant, has announced its decision to jointly set up joint committee with Paradip Port Trust (PPT) authorities to determine if it can use the existing facilities at Paradip.

The joint committee comprising six members will carry out the study between April 2 and 14. Representatives of Posco-India held a meeting with PPT officials including Chairman G Jagannath Rao to discuss the project.

Rao said, "We decided to form a joint team with three members each from both sides. The team would study the facilities in our port, Posco's needs and then submit a report."

Posco-India has porposed to set up a 12 MTPA Greenfield steel mill near the port town. The project will attract an investment of whooping Rs 52,000 crore. Posco-India officials led by Deputy Managing Director Ho Chan Rue went n a visit to the port and met officials to discuss if the infrastructure is available for supporting the project.

Paradip Port Trust had earlier indicated that it is willing to offer its facility, which is located only about 12 km from the site where Posco is proposing to set up its plant at Jatadhar in Jagatsinghpur district.

Posco officials have said that the company is looking to import 25 million tonne of raw materials for grounding the steel plant work and aims to produce four million tonne of steel per annum by 2016 at its plant.

Deputy Chairman, PPT, Ananat Kumar Bose has assured that PPT infrastructure is capable of handling any cargo for the project.