Posco-India has requested the State Government to forward its concurrence in support of extension of the time limit for the in-principle approval for the company’s multi-product special economic zone (SEZ) in Jagatsinghpur district by the Board of Approval of the Commerce Ministry.
In a letter to the commissioner-cum-secretary of the Industries Department, Posco CMD Yoon Yong-Won has said the proposed SEZ over an area of 1,620.48 hectares in Jagatsinghpur will attract Rs 53,613 crore investments mostly in foreign direct investment (FDI). It will bring in more than $ 47 billion in 30 years.
Stating that it will lay down new infrastructure like port, power plant, roads, railways and townships, Yong-Won said it will generate about 48,000 fresh jobs.
The Centre had granted in-principle approval to the SEZ on December 22, 2009 which was first extended in 2010 and then in 2011 for one year each.
The validity of the second extension granted on March 27, 2012 will expire on October 25, 2012.
“Though we have made significant progress in securing the minimum required land for our SEZ, we are afraid that we may not be able to secure the minimum required land within the validity of the existing in-principle approval,” he said.
Stating that the company would like to apply for de novo in-principle approval for one more time, Yong-Won said it is expected that the State Government will transfer the minimum required land for the SEZ this year.