Posco closes last chapter in Odisha project

Posco's letter is seen as the first official communication marking the scrapping of the project

It’s official now that South Korean steel major Posco has scrapped the plan to set up a 12-million tonne (mt) steel mill in Paradip, Odisha. It has written to the state government that it wants to surrender the land allotted for the project. 

It is the second big-ticket foreign direct investment (FDI) project to leave Odisha, after ArcelorMittal walked out of its project in 2013.

“We have received a letter from Posco expressing its intention to surrender the land”, an official of the state industries department said.

Though all activity on the plant came to a halt two years ago,