Seoul:
South Korean steel giant Pohang Steel Company (POSCO)
has dropped its plan to use the Paradip Port due to its
low cargo-handling capacity and has decided to develop
a new port, about six kilometres from Paradip instead,
at an investment of about US$200mn.
The
Paradip port has a capacity to handle about 15,000 metric
tons while the company was scouting for a port capable
of handling more than 20,000 metric tons.
POSCO
was in favour of getting the special economic zone (SEZ)
status for its 12 mt steel project to be built at a whopping
cost of Rs520bn thereby making it the single largest foreign
direct investment (FDI) in the country.
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