India, on Monday, told South Korea that it would review the delays that had kept hanging the implementation of the $12 billion POSCO project, the biggest foreign direct investment (FDI) into India in the Jagatsinghpur district of Odisha. The project, with an annual capacity of 12 million tonnes per annum, was proposed in 2007, and has been faced with controversies, unending delays and opposition at the local level from fishermen and tribals.
“The project is being implemented at the highest level. Prime Minister Manmohan Singh himself is monitoring the project, which is being followed up by the Prime Minister’s Office (PMO),” he told journalists on the sidelines of the CII organised Global Partnership Summit-2013 here. The issue came up for discussion during Commerce and Industry Minister Anand Sharma’s meeting with South Korean Minister of Knowledge and Economy Sukwoo Hong.
Mr. Sukwoo also informed Mr. Sharma of the candidature of Taeho Bark of South Korea for the post of Director General WTO.
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The National Green Tribunal had asked the Ministry of Environment and Forests to make a fresh review of the clearance accorded to the project with specific reference to the observations/apprehensions raised by the Review Committee. POSCO is also in discussion with Steel Authority of India Limited (SAIL) for a three million-tonne capacity steel plant in Jharkhand (near SAIL’s Bokaro Steel Plant) on a 50:50 joint venture (JV) basis.