Posco's steel plant in Odisha gets environmental approval

South Korean steel maker Posco has received environment clearance for its Rs 52,000 crore steel plant in Odisha, ending an eight-year wait for the project to get off the ground.

"Yeah, I have cleared it," new Environment Minister M Veerappa Moily told PTI here. "It (the approval) was given about a week back."

The approval comes a week ahead of South Korean President Park Geun Hye's visit to India.

The clearance will pave the way for Posco to build the steel plant with an annual production capacity of 12 million tons.

The Odisha project, the largest foreign direct investment in India, has languished since 2005 due to problems related to environmental clearance and land procurement.

Officials in the ministry said Posco's project comprised of two aspects - a steel plant and a port project. Moily delinked the two and granted approval for the steel plant. Environment clearance for the port is pending.

Posco's steel project had received initial clearance from the Environment Ministry in 2007 and final approval was granted in 2011. A year later, the approval was suspended by a quasi-judicial body, citing environmental concerns.

EDITORIAL OF THE DAY

  • Saffronites need to build their own edifices and narratives

    The news that the BJP-led NDA government, no admirers of India’s first prime minister, want to give a ‘contemporary’ look to the capital’s mos

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture