POSCO, South Korean steel Company and India’s largest ever Foreign Direct Investment (FDI), on 1 February 2011, got the approval of the Union Environment Ministry of India for its proposed steel and iron plant in Orissa. The Environment ministry gave environmental clearance for the construction of iron and steel plant and a captive power plant at Jagatsinghpur district of Orissa.
The Environment ministry also gave environmental and CRZ clearance to captive port planned to be constructed near Paradip. However, the ministry withheld forest clearance to the project complex. The total cost of the POSCO project is more than 54000 crore rupees.
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