New Delhi: The much-delayed USD 12 billion Posco steel project in Odisha is set to be operational in the next few weeks and granting of mining concession to the South Korean firm was in an advanced stage of processing, Prime Minister Manmohan Singh said today.
Singh made the announcement after holding extensive talks with President of South Korea Park Geun-hye here.
“I am happy that the large-scale POSCO steel project in Odisha is set to be operational in the coming weeks, following the revalidation of its environmental clearance. Grant of mining concession for the project is also at an advanced stage of processing,” Singh said.
The Posco project, the biggest foreign direct investment (FDI) to India, was marred in controversies and issues like land acquisition and delay in clearances since its announcement in 2005.
Last week, the government granted the steel project the much awaited environment clearance with conditions, ending eight years of wait.
