Zee Media Bureau
New Delhi: The Environment ministry on Monday paved way for South Korean steel giant Posco to build a plant in the country.
Environment Minister Veerappa Moily stated that Posco's steel plant in Odisha has been cleared.
Environment ministry has given its go-ahead to Posco's planned steel plant, but has asked it to spend on "social commitments", a company spokesman said, raising the project`s cost by USD 600 million to USD 12.6 billion.
The revalidation of the South Korean firm`s lapsed environmental clearance comes days before the country`s president, Park Geun-hye, visits India for four days starting January 15.
The proposed 12 million-tonnes-per-year plant in Odisha has been stuck for more than eight years due to delays in getting various clearances and acquiring land.
First Published: Friday, January 10, 2014, 12:50