SC clears Posco’s Orissa steel plant

The Supreme Court clears 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.

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.

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A special environmental bench headed by Chief Justice KG 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 has so far been able to get about a quarter of the required 4,000 acres of land. The court has allowed Posco use of another 3,000 acres of forest land.