Unable to get the required land for its proposed multi-product SEZ within the stipulated time, Posco India has sought the Odisha government’s recommendation for further extension of the in principle approval for the purpose.
“We are afraid that we may not be able to secure the minimum required land within the validity of the existing approval, i.e., October 25, 2012. Therefore, we would like to apply for in principle approval one more time,” Yoon Won-Yong, Chairman cum Managing Director, Posco India wrote to the state government.
The South Korean steel major has requested the state government to invoke Rule 4 of the SEZ Rules-2006 which requires the concerned state to forward its NOC/concurrence/ recommendation to the Centre seeking the approval for extension of in-principle approval of the multi-product SEZ of the company, official sources said.
Posco India has proposed to develop a multi-product SEZ over an area of 1,620.48 ha (4,004.22 acre) in the coastal district of Jagatsinghpur. The proposed SEZ having potential to be commercially and economically viable is likely to attract Rs 53,613 crore of investments, mostly FDI.