Bhubaneswar: As the first move towards begining of construction work for its proposed mega steel plant near Paradip, Posco-India signed an agreement with Orissa Power Transmission Company Limited (OPTCL).
The South Korean steel major entered into an agreement with the state PSU after receiving stage-II clerance from the ministry of environment and forest.
As part of the agreement, the company would receive 24 MW of power from OPTCL to avail of power required to undertake activities at the proposed plant site.
The bilateral agreement, supposed to have been signed with OPTCL in 2007, was delayed because of hiccups in implementation of the project, a company release said.
After making the detailed design and getting approval from OPTCL, Posco India will commence the Tower construction work to draw power from the end of this year for its 12 MTPA steel plant.
The power supply will be operational from March 2012, it said.