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Posco gets conditional nod for Orissa steel plant

Friday, 10 Jan 2014
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Posco has received conditional approval from the Ministry of Environment & Forests (MoEF), for its integrated steel unit in Paradip at Jagatsingpur district of Orissa.


The proposed 12 million tpa has been facing hurdles for more than eight years due to delays in getting clearances and acquiring land.


The revalidation of its environmental clearance for the project has been accorded after the company delinked the proposed project from a port project.


One condition imposed by the MoEF on the company to obtain the clearance is that Posco must spend five per cent of its total investment on 'enterprise social commitments'. This means that the project's cost will go up by $ 600 million (approx Rs 3,730.8 crore), to $ 12.6 billion (approx Rs 78,346.8 crore).


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