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LATEST NEWS UPDATES | Orissa to renew MoU with Posco India by July end

Orissa to renew MoU with Posco India by July end

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published Published on Jul 7, 2011   modified Modified on Jul 7, 2011

-The Business Standard

 

Even as the process of renewal of Memorandum of Understanding (MoU) with Posco India has been hit by delay presumably due to the contentious issue of iron ore swapping, the Orissa government has maintained that the pact would be renewed by the end of this month.

“The process of renewal of MoU with Posco India is on. The pact will definitely be renewed by the end of July. The state government is trying to complete the process as soon as possible,” minister for industries and steel & mines Raghunath Mohanty told newspersons here.

Asked if the clause pertaining to swapping of iron ore would be included in the revised MoU, he said, “The Union minister for environment & forests Jairam Ramesh had proposed to exclude swapping of iron ore in the revised MoU. The matter is being scrutinized by the departments of law and steel & mines.”

He denied that Posco India had written to the state government on omission of the swapping clause.

“Posco India has only written to the state government regarding the modification in its project plan. As per the revised plan, the 12 million tonne per annum (mtpa) steel project would be set up in three phases of four mtpa capacity each”, the minister said.

The steel & mines department is against the inclusion of iron ore swapping clause in the revised MoU with Posco India.

In his final order on the Posco project, the Union minister for environment & forests Jairam Ramesh had also suggested the Orissa government to avoid swapping of ore.

The Business Standard, 7 July, 2011, http://www.business-standard.com/india/news/orissa-to-renew-mouposco-india-by-july-end/441758/


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