Posco-India seeks further extension of its SEZ validity

Unable to get 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, that is October 25, 2012. Therefore, we would like to apply for in-principle approval one more time," Posco-India chairman-cum-managing director Yoon Won-Yong wrote to the state government.

The South Korean steel major has requested the stategovernment 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 Ac) 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. 

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