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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • With RBI’s role diluted, we are moving closer towards a super regulator

    The government and the Reserve Bank of India (RBI) have signed a monetary policy framework agreement last month under which RBI will be committed to b

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

The making of a digital Bharat

Exactly 20 years ago, Nicholas Negroponte of MIT Media Labs ...

Rajgopal Nidamboor

The eternal radiance of our being

We sense, we sight, we smell, we touch, we hear, ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture