Commerce and Industry Minister Anand Sharma expressed confidence that the issues involved in
acquiring some forest land for the $12 billion steel project by South Korean steel major Posco in Odisha may be solved soon.
Speaking to reporters, the minister said there have been some difficulties in acquiring certain section of land that was already either encroached or not free from encumbrances. Acquisition of some forest land requires approvals. He exuded confidence that obstacles in forest clearances would be removed soon.
Meanwhile, Odisha government informed that South Korean steel major Posco may begin work on the project in Jagatsinghpur as the transfer of the entire 2,700 acre would be completed soon.
To begin work on first phase of the project, Posco needs 2,700 acre land, while the state government has already transferred 1,700 acre to it.
Some officials in Posco informed that if everything goes as planned, the Phase 1 of the project might be commissioned in 2018.
Phase II would be completed three years after completion of Phase I, while Phase III will be commissioned within three years after Phase II, as per the steel giant.