Press Note from POSCO India – Dt. 10th May 2013

In light of today’s judgement by the honourable Supreme Court regarding recommendation of PL in favour of POSCO India, we welcome the Apex Court ruling.
Speaking on the today’s verdict by the Supreme Court, Mr. Y W Yoon, Chairman-cum-Managing Director, POSCO India said “We welcome the judgement by the honourable Supreme Court on the Khandadhar mining case. Once we receive the copy of the full judgement, we will be in a better position to comment upon. However, we believe that this will significantly help to expedite the project. We are happy that it has come at a time when there has been significant progress on the land clearance work for the project.”
It may be noted here that the Government of Odisha had first recommended granting of PL to POSCO India in 2006 to the Government of India. The Government of India had returned the recommendation back to the state Government in the same year and directed it to conduct hearing of all the applicants and submit the recommendation again after hearing all the applicants. Based on this, the state government concluded hearing of all the applicants over a time spanning around two and half years and after conclusion re-recommended the same in favour of POSCO to the Government of India in 2009. Thus, as per the procedures under MMDR Act, it was to be reviewed and approved by the Central Government.
Now that, the honourable Supreme Court has set aside the judgement of the Odisha High Court, it is hoped that the Central Government will expeditiously look into the recommendation leading to a final decision soon.