SC clears Posco's Rs. 51,000 cr. Orissa steel plant

New Delhi (PTI): The Supreme Court on Friday cleared South Korean steel major Posco's plans to set up a Rs 51,000 crore mega steel plant and captive minor port in Paradeep, Orissa. A special environmental bench headed by Chief Justice K G Balakrishnan allowed Posco India Pvt Ltd, a subsidiary of Korea-based Posco, to go ahead with the project, for which an agreement was signed with Orissa government on June 22, 2005. Posco said that the state government-owned Orissa Mining Corporation (OMC) had agreed to supply uninterrupted iron ore and other minerals for its 12 mtpa project. There was a tie-up with OMC to give raw materials and the mines which were identified were 300 km away from the project site,... [read full story]