POSCO, the South Korean steel maker giant on 10 January 2014 received environment clearance from the Union Ministry of Environment and Forest (MoEF) for a steel plant worth 52000 crore rupees in Odisha. The project was in the pipeline for clearance and all for past eight years.
The clearance has come a week ahead of the India visit of the President of South Korea, Geun Hye. This clearance to POSCO has paved a way to build the steel plant with an annual production capacity of 12 million tones.
With this investment, POSCO project will emerge as the largest foreign direct investment in India, which was stalled since 2005 because of the problems related to land procurement and environmental clearance.
Naveen Patnaik, the Chief Minister of Odisha has also cleared the proposal of granting of Prospecting Licence (PL) over Khandadhar mines for the mega steel project near Paradip, as per the sources.
About POSCO (Pohang Iron and Steel Company)
POSCO India Private Limited is a subsidiary of POSCO, the world’s fourth largest steel producer and one of the most competitive steel companies. POSCO signed a Memorandum of Understanding (MoU) with the Government of Orissa in June 2005, to set up a 12 MTPA green field steel plant near Paradip, Jagatsinghpur District, Orissa, with an estimated investment of USD 12 billion. The company will build 4 million-tonnes per annum capacity steel plant in Orissa, during Corporate Overview the first phase of its project, and expand the final production volume to 12 million tons per annum. POSCO-India Pvt. Ltd. was incorporated on 25th August 2005.
POSCO, the parent company operates two of the world’s premier steelworks at Pohang and Gwangyang, having a combined production capacity of 33.7 million tons per annum (MTPA).
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