POSCO India Private Limited, an Indian subsidiary of Korean conglomerate POSCO signed a memorandum of understanding in June 2005 with the state government of Odisha to construct a $12 billion steel plant in the Jagatsinghpur district of Odisha. Resistance from local communities and various delays prevented the company from starting construction. The memorandum expired in June 2011 and is yet to be renewed. Though all activity on the plant came to a halt two years ago, leading to speculations of the firm pulling out of the venture, both Posco and the Odisha government had denied it. Posco has asked the state government to take back land it acquired for the steel project, as it has not been able to start work.  POSCO said it had expressed its intention to give back the land because it "will not be used urgently", and that its move to return the land did not mean it would cancel the long-delayed project.