Bhubaneswar: Encouraged by clearance of the stage-1 of forest land diversion proposal for its plant, South Korean steel major Posco has said that the company would go ahead with its project in Orissa despite the global financial crisis.

“The international finanaicl crisis will not hit Posco’s project in Orissa,” Posco-India Director G.W. Sung said after attending a review meeting of the company’s proposed project near the port town of Paradip.

Stating that the international crisis would in no way affect the Rs51,000 crore project in Orissa, Sung said that rather they would get adequate time to go ahead with the project which was delayed by a few years.

“The company had been accorded with stage-1 of the forest land diversion plan. The proposed project would get the stage-II clerance after fulfilling conditions fixed in the stage-1,” a senior official said here adding that the company could go ahead with the initial clearance.

Earlier, the Supreme Court had cleared the first diversion proposal. Of the total 4004 acre of land for the Posco project near Paradip, 2958 acre were demarcated as forest land which required clerance from the Union ministry of Forest and Environment.

As per conditions set by the ministry, the company has to undertake compensatory forestry programme. A four-member committee would oversee the company’s activities in fulfilling the conditions set by the centre.