Odisha sets terms to lease land to Posco.

The state government has stipulated two conditions to lease out additional 1088.59 acres of land to Posco India for building an eight million tonne steel plant near Paradip.

Odisha Industrial Infrastructure Development Corporation (Idco), the state's nodal agency for land acquisition and industrial infrastructure development, has reiterated its demand for payment of land premium still pending with Posco India.

Posco India needed to pay land premium of Rs. 54.22 crore to Idco.

For the revised eight mtpa steel plant, Posco India required 2700 acres of land, out of which 1703.56 acres are in the stage of advance possession and lease has already been handed over to the company.

Though Idco has approved handover of the balance 1088.59 acres of land, the same is yet to be leased out to the steel maker.

BS