Recently, In May 2011, Environment department, Government of India approved a promise between South Korean company Pohang Iron and Steel Company (POSCO) and Orissa government.
Following arrangements have included in agreement;
1) According to Environment department, “Iron-energy harbor plant” of total 51,000 Crore will be Highest Direct foreign investment in India
2) Its Steel plant will produce 1,20,00,000 ton of steel. This project will solely produce steel which is equal to sum of steel production in Bhilai, bokaro, Durgapur, Raurkela, Barnpur and Salem.
3) 1,100 MW thermal power plant has been approved to supply energy required for this plant.
4) 200 acre land has been given to make a port for transportation of steel.
5) 1,000 acre land will be given for disposal of wastage of Fly ash produced in plant.
6) Another 1,000 acre land for settlement of workers houses.
7) Arrangement of drinking water for workers is done from Mahanadi river. (Special scheme for water distribution)
8) Special railway line for project area.
9) 6,100 acre’s Kandahar hill’s thick forest area will be given for extraction of raw minerals.
10) Price of raw minerals has been taken as 500 Rs where as current valuation of minerals in international market is 5000 Rs per ton
11) POSCO has given authority to export 60% of production directly. There is no value addition form government of India. India is full in loss in this arrangement.
12) Large amount of forest and biodiversity will be destroyed in this project.
Sources and external links about this topic:
2. Here is the Technical information about this project. Click here to get details
Note: Above information is given w.r.t. article published in Daily “Sakal” (31st May, 2011) written by Santosh Shintre (shintresantosh@gmail.com)
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