Post News Network
Bhubaneswar, April 24: The state government is likely to take back 1,703 acres of land that it had given to South Korean steel giant Posco for setting up its mega steel plant in Jagatsinghpur district.
Sources said Orissa Industrial Infrastructure Development Corporation (Idco) has written to both the Jagatsinghpur administration and the Korean steel major for taking back the said land which was acquired for the project.
The move comes in the backdrop of the South Korean steel major not paying RS54.22 crore as premium for the acquired land and RS 18.79 crore as net payment value of unreserved forest land that it owed to Idco.
Idco – the state government’s nodal land acquisition agency – acquired 2752.3 acres of land for the first phase and has handed over 1,700 acres to Posco so far.
The remaining land is yet to be transferred to the company since it was yet to deposit land dues.
The move is likely to turn out to be another blow for the steel company in setting up its steel project in the state.