Media reports suggest that the Board of Approval (BoA) for Special Economic Zone (SEZs) decided to give South Korean steel giant Posco one more year to start work on its proposed multi-product SEZ in Odisha.
The company's proposed Rs 53,000 crore multi-product SEZ project in Odisha failed to take off as it is unable to acquire the required land in the past six years.
However, the Odisha government gave a letter in its support for the project. Following this, the board gave one more year for the firm to start the project.
In 2006, the Indian arm of Posco received in-principle approval from the centre for setting up a multi-product SEZ over an area of 1,620 hectare in the coastal district of Jagatsinghpur.
But the firm has been facing difficulty in getting the required clearances for land acquisition as most of the land identified by it for the SEZ project is in and around a forest area.
The in-principle approval for the project was extended for one year each in 2010 and 2011. The validity of the last extension expired on October 25, 2012, but the Centre refused to extend it yet again without endorsement from the state government.