The pact ultimately expired in 2010 and was not renewed again.
"We have plans to expand through both acquisitions and brownfield expansions and then followed by greenfield (project) if we are looking in terms of Odisha," Acharya said.
The company plans to set up an integrated steel plant of 13.2 million tonnes per annum (MTPA) capacity in Odisha along with a 900 MW power plant for captive usage with an investment amount of Rs 53,700 crore.
Replying to a question on land acquisition for setting up the project, Acharya said, "We have already identified that (land) and the acquisition of that land is going on. Along with the Odisha government...we are doing...the land acquisition part."
It is the same land where POSCO was earlier looking to set a 12 MTPA steel plant, he said.
However, Acharya didn't provide a timeline for completion of land acquisition process.
The process is on and such processes take some time, he said.
"Whatever necessary allocations are coming to us which are ready for payment we would be doing that," Acharya added.
JSW Group had approached the Odisha government for land after POSCO shelved its plan to set up the steel plant. Subsequently, all statutory clearances given to POSCO were transferred to JSW Steel.
Last year in December, the hearing for the company's project was conducted.
"JSW's hearing was conducted peacefully and successfully. That is a huge development. The integrated project has been passed unopposed with almost the same investment that POSCO was looking for...We expect the work to start soon on the Rs 53,700 crore project," IPICOL Managing Director Nitin B Jawale had said.
The Industrial Promotion and Investment Corporation of Odisha (IPICOL) is the single point of contact for all industrial investments in the state.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.