【NEW DELHI】 The wait for South Korean giant Posco to start its Rs 52,000 crore Odisha steel project, involving the largest-ever FDI in India, may get longer as the state government is not expected to transfer the required land to it till after the Lok Sabha polls are over in Mid-May.
The steel maker secured environmental clearance in January for its 12 million tonne (MT) plant, ending eight years of wait for the project. However, a source said: "There is no progress on the project as the state government has not transferred remaining 1,000 acres to Posco. "Now, considering the elections, we assume there is not going to be any development shortly."
During a review by the Steel Ministry this month to know the fate of major projects, Posco had expressed inability to start work on the steel-to-port project at Jagatsingpur in the absence of adequate land.
○RINL expects steel demand to rise
【Visakhapatnam】Rashtriya Ispat Nigam Ltd (RINL), the government-owned steel manufacturer, is positive on demand for steel in the coming months. Chairman and Managing Director P Madhusudan has said the global economy is expected to see good growth this year.
The case would be the same for the Indian economy, too, owing to the government's recent initiatives towards infrastructure development, he added. As several infrastructure projects had already been started across the country, there was firm demand for steel, especially for longs, Madhusudan said. As other sectors were also showing signs of a revival, RINL could capture adequate market for its additional production due from the company's new units from next month, he added. Madhusudan indicated steel majors were likely to consider further price increases.
【News source】
Development on Rs 52,000 crore Posco project likely only after polls: Sources
RINL expects steel demand to rise
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