The South Korean steel producer POSCO has stated that it plans to begin the construction of its 12 million mt-capacity steel mill project in the Indian state of Orissa by April 2008.
Although the construction of the mill had been expected to start at an earlier date, nothing has moved as per schedule, be it forest clearance, land acquisition or the granting of the mining lease.
Commenting on the issue, POSCO CEO Lee Ku-taek said, "April 1, 2008 is the 40th anniversary of POSCO. By then we will have ground-breaking for the plant in India."
The $12 billion greenfield investment will be India's largest single foreign investment project. However, POSCO says it is determined to ensure the rehabilitation of the local people before proceeding.