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IT firm Posco ICT Company Ltd, has decided to wind up its Software Technology Parks of India (STPI) operations in Bhubanswar and relocate to the Delhi-NCR region. Orissa IT minister Ramesh Majhi said in the state Assembly, “The board of directors of Posco, based out of Korea, have decided to close the Bhubaneswar office and relocate the team and operations to Delhi-NCR region after it had applied for winding up of their operations in Bhubaneswar in January 2011.” It may be noted that Posco ICT is the IT arm of South Korean steel giant Posco, which proposed to set up a 12 million-tonne steel plant near Paradip. However, the company is unable to make any progress on its steel project even after six years of signing of MoU due to stiff resistance of the locals. The exit of Posco ICT also highlights the fading interest of IT firms in Bhubaneswar as an investment destination. The city was poised to drive the next phase of IT growth with the presence of the four IT bigwigs

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