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An in-principle approval given to Posco, the South Korean steel major for a special economic zone (SEZ) in Odisha has been cancelled by the government.
The inter-ministerial Board of Approval (BoA) in its meeting held on April 28, chaired by the Commerce Secretary Rita Teaotia, the decision was taken.
The minutes of the BoA says that the board examined the case for cancellation of formal approval and it noted that the progress made by the developer – Posco India Pvt Ltd – “was not satisfactory”.
It said that “The board after deliberations decided to cancel in principle approval. The cancellation is subject to the DC (Development Commissioner) furnishing a certifcate…certfying that the developer has not availed any tax/duty benefits including service tax exemptions, if any…or has refunded any such benefits availed by it.”
