Posco India, the Indian subsidiary of the South Korean steel major Posco, will not alter its original plan of investment in Orissa despite the global financial crisis. "Rather the current period is better for investment," said G W Sung, director, Posco India.
"Global crisis may hit any place, but there is no change in the original plan of Posco to invest in Orissa," he reaffirmed. Meanwhile, the company is closer to getting the prospecting licence for the Khandadhar mines. The state's steel and mines department secretary has completed the process of hearing all the pending applications for Khandadhar mines.
Sources said the steel and mines department has decided in favour of Posco for grant of prospecting licence for Khandadhar mines and its recommendation is now under process for the necessary government order. The file is now pending with Orissa Chief Minister Naveen Patnaik and once he approves it, Posco will be recommended to the Union government for grant of the prospecting licence.