AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.23 Decreased By ▼ -0.02 (-0.2%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.02 Decreased By ▼ -0.45 (-1.34%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.45 Increased By ▲ 0.63 (2.89%)
HUBC 126.60 Decreased By ▼ -2.51 (-1.94%)
HUMNL 13.83 Decreased By ▼ -0.03 (-0.22%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 6.35 Decreased By ▼ -0.58 (-8.37%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.01 Increased By ▲ 0.06 (0.03%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.30 Decreased By ▼ -0.87 (-2.11%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.25 Decreased By ▼ -0.38 (-4.4%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 182.89 Decreased By ▼ -0.14 (-0.08%)
PRL 38.10 Decreased By ▼ -1.53 (-3.86%)
PTC 23.90 Decreased By ▼ -0.83 (-3.36%)
SEARL 93.50 Decreased By ▼ -4.51 (-4.6%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.85 Decreased By ▼ -1.88 (-4.51%)
SYM 18.44 Decreased By ▼ -0.42 (-2.23%)
TELE 8.66 Decreased By ▼ -0.34 (-3.78%)
TPLP 12.05 Decreased By ▼ -0.35 (-2.82%)
TRG 64.50 Decreased By ▼ -1.18 (-1.8%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.96 Decreased By ▼ -0.07 (-1.74%)
BR100 11,697 Decreased By -168.8 (-1.42%)
BR30 35,252 Decreased By -445.3 (-1.25%)
KSE100 112,638 Decreased By -1510.2 (-1.32%)
KSE30 35,458 Decreased By -494 (-1.37%)

Police arrested 70 people in eastern India on Sunday during a protest against a $12-billion dollar steel plant planned by South Korean firm, POSCO, witnesses and police said. Protesters said the project in Orissa state would displace 20,000 villagers from their homes and farms.
But the government says the plant, which is set to be India's largest foreign direct investment, would affect only 500 families and create thousands of jobs.
Demonstrators, carrying placards reading "POSCO go back", tried to force their way into Orissa Chief Minister Naveen Patnaik's residence in state capital Bhubaneswar, but were stopped by police who beat up some of them.
Leading environmentalist Medha Patkar who led the protests demanded that the government hold an "open dialogue" on the proposed plant by the world's fifth-largest steel maker.
The protests were triggered by the state government's move to hand over hundreds of acres of land to POSCO, off the port city of Paradip for the plant which is expected to start production by 2010.
Due to the protests, the government has so far been able to acquire only 1,135 acres (460 hectares) of the total 4,000 acres required for the POSCO plant, with village groups putting up barricades and refusing to vacate their lands, officials said.
A year ago, POSCO signed a MoU with the Orissa government for the unit that would eventually produce 12 million tonnes a year.
Despite the protests, POSCO officials said the project would take off.
"We hope people will understand the importance of the project and stop protesting," Tae Hyun Jeong, the deputy managing director of POSCO Company Ltd's India project, told Reuters.
The South Korean steel maker has been looking at new markets, particularly in China and India, where steel demand is rising.
Easy availability of raw materials such as iron ore and a strong domestic market has drawn global steel majors such as POSCO to Orissa.

Copyright Reuters, 2006

Comments

Comments are closed.