The government has granted environmental clearance to South Korean steel giant Posco's 12 million integrated steel project in Orissa, removing a major roadblock in the way of the Rs 52,000 crore plant.
"The Ministry of Environment and Forests has given the environmental clearance for Posco's mega steel project at Kujang near Paradip in Jagatsinghpur district of Orissa," highly-placed official sources said.
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South Korean steel giant Posco's 12 million tonne integrated steel project in Orissa is likely to face further delay as the state government has said its application for mining lease would be considered on a priority basis only if "the steelmaker adds value to its proposal."
"It is not necessary that Posco would get a mining lease in the state as there are 40 bidders in the fray. The Korean company's case could only be considered favourably if it adds value to its proposal," Orissa Industry Secretary Ashok Dalwai said.
He, however, did not elaborate on what he meant by adding more value to the proposal.
The world's third largest steelmaker, in its MoU signed in June 2005, had proposed to build the plant in the coastal state's Jagatsinghpur district at a cost of Rs 52,000 crore.
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