An Indian tribunal dealt a fresh blow on Friday to a long-delayed, high-profile steel project proposed by the South Korean company Posco by suspending its environmental approval and directing regul

It seeks fresh review by experts, new conditions, compliance with deadline

The Rs.51,000-crore Posco steel project in Odisha is back in limbo with the National Green Tribunal suspending the Environment Ministry's nod for the country's single largest FDI venture. The government has been told to have a fresh review conducted by experts to recommend new conditions and ensure compliance with a clear deadline.

Placing fresh hurdles before India’s biggest FDI project — Rs 50,000 crore Posco Integrated Steel Plant in Odisha — the National Green Tribunal (NGT) on Friday suspended the final 2011 environmenta

The Comptroller and Auditor-General of India has found that the Naveen Patnaik government has ‘misused' the Land Acquisition Act for acquiring land for several big industrial projects, including the proposed mega steel plant by South Korean steel major Posco.

“Emergency Provisions of Section 17 (4) were misused and applied arbitrarily even without indicating detailed justification for the same and without fulfilment of prescribed conditions,” the CAG has stated.

The directive puts the current single-largest FDI in the country at risk

Within days of Prime Minister Manmohan Singh’s assurance to South Korea that all was well with the $12-billion Posco project, the situation has taken a new turn. In a major setback to the South Korean steel giant, the National Green Tribunal today suspended the environment clearance granted to Posco’s proposed mega project in Orissa a year ago.

The Rs 50,000-crore Posco steel plant in Odisha hit a snag after the National Green Tribunal denied clearance to the project.

Prime Minister Manmohan Singh on Sunday assured South Korean President Lee Myung-bak on the implementation of the $12-billion Posco steel project in Odisha.

Prime Minister Manmohan Singh today asked South Korean businessmen to help India expand its burgeoning solar and nuclear power sectors by investing in these environment-friendly technologies.

"We are committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix," Singh told a group of top Korean CEOs here.