New Delhi: South Korean giant Posco has won environmental clearance to build Rs 52,000 crore steel plant in Odisha, ending eight years of wait for a project that would involve the largest-ever foreign direct investment in India.
The clearance, which came a week before South Korean President Park Geun Hye's India visit, will however be conditional to Posco spending on “social commitments, which will raie the project cost by USD 600 million to USD 12.6 billion.
The new Environment Minister M Veerappa Moily last week revalidated environment approval for the project.
The approval came after the steel plant was delinked from the port project.
The nod will pave the way for Posco to build a steel plant with an annual production capacity of 12 million tonnes. “Yeah, I have cleared it (the Posco project). The approval was given about a week back,” Moily told PTI.
