Tuesday, January 04,
South Korean steel major Posco’s proposed $12-billion steel plant in Orissa received the environmental clearance from the Expert Appraisal Committee (EAC) on Monday. However, the fate of the project still depends on the approval of the Environment Minister, Mr Jairam Ramesh.
The EAC said that the initial environmental approval given to the project in 2007 was justified after fresh data became available. The Committee also deemed fair the compensation given to the farmers and fishermen displaced by the project. The project is also awaiting approvals from a separate committee which is checking whether the project violates tribal rights.
The EAC approval though comes with numerous riders. The clearance is only for the initial steel production capacity of four million tonnes per annum and does not cover the construction of the proposed port by Posco.
Posco’s project has been halted for over five years due to delays in getting approvals. Posco, like several other greenfield steel plants in India, has faced delays after the Government’s stance on environment, coupled with stiff resistance from local landowners, slowed down the land acquisition process.
Source: The Business Line
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