The Supreme Court on Friday cleared South Korean steel major Posco's plans to set up a Rs 51,000 crore (Rs 510 billion) 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, it said.
© Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
|
Advertisement
Email | 
Print | Get latest news on your desktop