Posco Pulls the Plug, Parties Take Potshots at Each Other

Cong, BJP blame BJD Government’s inertia for Posco’s decision to suspend its project

Published: 17th July 2015 03:12 AM  |   Last Updated: 17th July 2015 03:15 AM   |  A+A-

BHUBANESWAR:Odisha’s dream of setting up the biggest FDI project in the country has been shattered with Korean steel major Posco deciding to suspend its operations in the State.

 The Rs 52,000 crore greenfield steel plant project at Paradip with a 12 million-tonne capacity had been delayed for several years due to local resistance to land acquisition, environmental concerns and other reasons.

 The fact that Posco was on its way out was a public knowledge as all communication between the State Government and the company had stopped for the last several months.

 According to reports, Posco chairman Kwon Oh-joon announced after an investors’ relations session in Seoul on Wednesday that the company has decided to tentatively stop the project as there was no visible progress.

“The project will remain suspended unless the Indian Government offers a better deal,” he said.

 Industries Minister Debi Prasad Mishra, however, said that no official communication has been received from the South Korean company in this regard.

 The Minister, however, indirectly blamed the Centre by maintaining that the new MMDR Act, which made provision for open bidding for iron ore mines instead of getting it on the recommendation of the State Government, may have been the reason behind Posco suspending the project.

 The Opposition Congress and BJP blamed the Naveen Patnaik Government’s inertia for Posco’s decision to suspend its project already delayed by 10 years.

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp