Bhubaneswar Buzz

Finally POSCO offers to check out of Odisha, offers to surrender land for planned India steel project

South Korean steelmaker POSCO has asked Odisha to take back land it acquired for a $12 billion steel project as it has not been able to start work. The move could be a sign that the world’s fourth-biggest steelmaker is scrapping the proposed 12 million-tonnes-a-year steel plant in the Indian state.

In a letter to the Odisha Industrial Infrastructure Development Corporation (IDCO), a state government agency that arranges to make industrial plots available to companies, POSCO has offered to surrender the land.

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