Bhubaneswar, Nov 15 (IANS): Even as South Korean company Posco's $12 billion steel project, proposed to be set up at Jagatsinghpur, is yet to see the light of the day after nine years, Odisha Chief Minister Naveen Patnaik Saturday hoped that the Prime Minister Narendra Modi's assurance would put the much delayed project on track.

"I think the big project problems including Posco will be sorted out. Prime Minister Narendra Modi spoke to South Korean President to put Posco under quick path," said the Chief Minister while attending an event here.

Adding that large investment projects have come to the state in the last decade, Patnaik said that the government is doing its best to sort out the environment and rehabilitation problems to initiate the large projects in the state.

He also said that Odisha has abundance of minerals, which offers a huge potential for industrialization through establishment of heavy industry and the consequent ancillary and downstream industries.

Prime Minister Modi had assured South Korean President Park Geun-hye at Myanmar that the government would offer full support for the establishment of the mega steel plant proposed by Posco in Odisha.

"With regard to the Posco project, he (Modi) expressed his full support for it and said he would make efforts with the Odisha state government to resolve any outstanding issues," said a statement issued by the Korean government website Nov 13.

Both the leaders met at the Korea-India summit, organised on the sidelines of the ASEAN Summit, held at Nay Pyi Taw, Myanmar.

Taking note of the delay in addressing the issue of the right to mine exploration, which is key to Posco-India's commencing of the construction of a steel plant in Odisha, President Park requested the Prime Minister to look into the matter.

Recently, the Odisha government sent in a recommendation for a prospecting license (PL) in favour of Posco India to mine in the Khandadhar iron ore reserve in Sundargarh district of Odisha.

This was the third time the state government sent in a recommendation to the Centre after the latter had rejected it previously, seeking more clarifications before it allocates mines.

This time, the state government has sent in a revised recommendation, requesting the Centre to grant PL for a notified area of 2,083 hectares in Khandadhar iron ore deposit area, instead of the earlier proposal of 2,500 hectares.