MoU with POSCO to Set up 12 Million Tonne Integrated Steel Plant in Orissa
The Minister of Steel, Shri Beni Prasad Verma has said that in June, 2005, M/s POSCO, Republic of Korea had entered into a Memorandum of Understanding (MoU) with the Government of Orissa to set up a 12 million tonne integrated steel plant in Orissa at a proposed cost of Rs. 51, 000 crores. The said MOU had a validity of five years.
In a written reply in the Rajya Sabha today he said, Memorandum of Understanding (MoU) is purely a statement of understanding between the concerned State Government and the respective steel investor. Government of India has no role to play in the MoU concerning Posco steel project.
He said, as explained above, the relevant articles in the Memorandum of Understanding (MoU) are to be exercised between the concerned State Government and the respective Investor. Government of India has no direct role in drafting or signing of the MoU.