By IANS
New Delhi : The Indian government will facilitate South Korean steel major Posco's $12 billion project in Orissa, Steel Minister Ram Vilas Paswan Tuesday assured the country's ambassador to India, Paek Young Sun.
The government has set up an inter-ministerial group headed by the secretary for steel to expedite the implementation of large steel projects, Paswan told Paek when the latter called on him.
Posco, one of the world's biggest steel makers, had signed a deal with the Orissa government in June 2005 to set up a steel plant near Paradeep by 2016 with an investment of $12 billion.
Those who support the project say it will bring prosperity, economic growth and more jobs, while those opposed to it claim it will displace 20,000 people in 15 nearby villages and ruin their livelihood by disrupting betel leaf farming.
Paswan said South Korean firms like Hyundai, Dusan and Samsung had vast experience in the heavy engineering and construction industries and could participate in the expansion programme of Steel Authority of India Ltd and Rashtriya Ispat.
The South Korean envoy said this was the single largest overseas investment proposal for India and sought the cooperation of the minister in this regard. He also invited Paswan to visit South Korea.