Stage is set for launch of Posco’s $12bn Odisha steel project: Anand Sharma

Stage is set for launch of Posco’s $12bn Odisha steel project: Anand SharmaSouth Korean steel giant Posco can start its $12 billion Odisha project as the road for the acquisition of nearly 3,000 hectares of land required for the first phase of the project is clear, Commerce & Industry Minister Anand Sharma said.

Speaking on the sidelines of CII's Asian Business summit on Wednesday, Mr. Sharma said, "For phase-1, now road is clear... To the best of my understanding, close to 3,000 hectares, if not more, of land parcel required for stage-1 is cleared."

The Commerce & Industry Minister also assured that the state government and the union government are working together to enable Posco's $12 billion Odisha project see the light of the day.

Mr. Sharma's statement came a few days after Posco announced its decision to scrap its $6 billion steel project in Karnataka. The South Korean firm blamed regulatory delays and opposition from local residents for its decision to ditch the planned project.

ArcelorMittal, the world's largest steel maker, followed Posco by announcing its decision to scrap its $12 billion project in Odisha.

The two steel giants scrapped the projects at a time when the government is struggling to attract foreign investment into the country.