South Korea's leading steel maker POSCO said India's highest court has approved its 12 billion-U.S. dollar mega steel plant project in the minerals-rich state of Orissa, the Korea Times reported Monday.
The latest forest diversion clearance removed the most difficult hurdle for POSCO, said Cho Soung-sik, managing director of POSCO-India.
The project which was supposed to be initiated in 2005 has been delayed due to land disputes, mining permits and protests by local farmers and environmental groups, according to POSCO.
According to POSCO, the company will build a 4 million-ton steel plant and set up a 400-megawatt power plant on a land of 4,000 acres (1,600 hectares).
POSCO, the world's fourth-largest steel maker, plans to build an integrated steel mill in India with an output of 12 million metric tons a year, the Korea times said.
India project is one of aggressive foreign investment projects of POSCO together with projects in Vietnam, Mexico and Thailand, the Korea Times said.
Source:Xinhua
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