Posco India's CMD Yong Won Yoon has been scheduled to meet the Odisha Chief Minister Shri Naveen Patnaik to discuss the status of the project.
Though the MoU between the State Government and Posco was signed with a lot of fanfare about seven years back, the project has drawn the ire of conservationists and the local villagers who stated that the over 4000 acres of land is not needed and much of it is infact wetlands and forests.
POSCO has been trying hard to save its project as the MoU with the Government has given it mines with high quality iron ore which it can export back to save its mother plant in Korea. The State Government has already given it the prospecting license to the Khandadhar mines. Fortunately, it is infront of the empowered committee.
Of late the Posco India CMD seems to have lost patience and started heavily criticising the State Government which has
Posco-India has apparently lost patience over the inordinate delay in implementing the project. On March 1, 2012, Yoon criticised the state government for the delay in land acquisition stating that the signals are negative. He also blamed the state government for the cost and time over run of the project. Yoon's statement caused lot of red faces and annoyance in the state government.
Posco is reported to be ready to give up about one third of the allotted land and reduce the project size. However, it doesn't want to lose out on the lucrative iron ore mines.
The last word on the POSCO episode is yet to be heard.