POSCO war Zone - POSCO claims to have spent INR 3000 crore
The Telegraph reported that the Orissa government has begun the process of ascertaining how South Korean steel giant POSCO could have spent INR 3,000 crore on its proposed 12 million tonne steel plant near Paradip. Reacting to a report which appeared on The Telegraph on April 20th Orissa’s steel and mines minister Mr Raghunath Mohanty said that “I, too, wonder how they have submitted a report to the state government stating that the they have so far invested INR 3,000 crore.”
The Telegraph reported that the Orissa government has begun the process of ascertaining how South Korean steel giant POSCO could have spent INR 3,000 crore on its proposed 12 million tonne steel plant near Paradip.
Reacting to a report which appeared on The Telegraph on April 20th Orissa’s steel and mines minister Mr Raghunath Mohanty said that “I, too, wonder how they have submitted a report to the state government stating that the they have so far invested INR 3,000 crore.”
Later, Mr Mohanty asked the nodal officer for the POSCO project to submit a detailed report to the government on the investments in the project. On the other hand, officials said the company would not disclose to the government the details of its expenditure. Industries secretary Mr T Ramachandru appeared flabbergasted after being informed that the company had claimed investment of INR 3,000 crore. Mr Ramachandru said that “I don’t know. Please don’t ask me about it. There is a nodal department which is dealing with it.”
Later, Mr Mohanty asked the nodal officer for the POSCO project to submit a detailed report to the government on the investments in the project. On the other hand, officials said the company would not disclose to the government the details of its expenditure.
Industries secretary Mr T Ramachandru appeared flabbergasted after being informed that the company had claimed investment of INR 3,000 crore. Mr Ramachandru said that “I don’t know. Please don’t ask me about it. There is a nodal department which is dealing with it.”
Expressing surprise, officials said such massive expenditure by the company should have been visible on the ground. An official said that “The company does not even appear to spend much on advertisements. We wonder how so much money was spent. With this kind of investment, a 400 MW power plant could have been set up.”
The company, according to the available information, has disbursed INR 1.36 crore towards land acquisition. The amount was disbursed by the Industrial Development Corporation of Orissa on behalf of the company to 97 people for the acquisition of betel vines in Gadakujang gram Panchayat for the INR 52,000 crore projects.
The state government has also leased 651 acre of litigation and encroachment fee revenue land to POSCO India at the rate of INR 25,000 per acre. An official said that “However, the company must have spent only a little over INR 1.62 crore on this account. Thus the total expenditure on land acquisition can be pegged around INR 3 crore.
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