As the first move towards beginning of construction work for its proposed mega steel plant near Paradip, Posco-India signed an agreement with Orissa Power Transmission Company (OPTCL).
The South Korean steel major entered into an agreement with the state PSU after receiving stage-II clearance from the Ministry of Environment and Forest.
As part of the agreement, the company would get 24MW of power from OPTCL to meet its energy requirement to undertake activities at the proposed plant site.
Posco India is setting a 12 MTPA steel plant in Paradip for an investment of over Rs 54,000 crore.
The bilateral agreement, supposed to have been signed with OPTCL in 2007, was delayed because of hiccups in implementation of the project, the release said.
After making the detailed design and getting approval from OPTCL, Posco-India will commence the Tower construction work to draw power from the end of this year for the proposed plant.
The power supply will be operational from March 2012, it said.
