Posco, South Korean steel major on November 3 said that despite the global financial crisis, the company would go ahead with its project in Orissa. Posco-India Director G W Sung told reporters after attending a review meeting of the company''s proposed project near the port town of Paradip, the international financial crisis will not hit the company’s project in Orissa, Stating that the international crisis would in no way affect the Rs 51,000 crore project in Orissa, he said rather they would get adequate time to go ahead with the project.
The company had been accorded with stage-1 of the forest land diversion plan. Accoring to senior official, after fulfilling conditions fixed in the stage-1, the proposed project would get the stage-II clearance. The Supreme Court earlier had cleared the first diversion proposal. Out of the total 4004 acre of land for the Posco project near Paradip, 2958 acre were demarcated as forest land that required Union ministry of Forest and Environment’s clearance.
The company had been accorded with stage-1 of the forest land diversion plan. Accoring to senior official, after fulfilling conditions fixed in the stage-1, the proposed project would get the stage-II clearance. The Supreme Court earlier had cleared the first diversion proposal. Out of the total 4004 acre of land for the Posco project near Paradip, 2958 acre were demarcated as forest land that required Union ministry of Forest and Environment’s clearance.
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