Bhubaneswar | May 13, 2016: The state government on Thursday said Posco has decided to temporarily freeze its Rs 52,000-crore steel project in the state, said industries minister Debi Prasad Mishra in the assembly in a written reply on a query whether Posco has already backed out of the project.

The project, believed to be the largest FDI in the country, has failed to take off even after 11 years of the MoU being inked, following protests against land acquisition and delay in getting mining block.

The South Korean steel behemoth had signed the MoU with the state government on June 22, 2005 to set up a 12-million tonne per annum (mtpa) steel plant near Paradip.

(Source: http://timesofindia.indiatimes.com/)