Company has been asked to spend on 'social commitments', raising project costs by $600 mn

The environment ministry has given its go-ahead to Posco's planned steel plant in the country, but has asked it to spend on "social commitments", a company spokesman said, raising the project's cost by $600 million to $12.6 billion.

New Delhi : With a new minister in charge of the Ministry of Environment and Forests (MoEF), the government has swung into action to fast-track green clearances for key infrastructure projects.

The New Year has begun well for Posco India, reviving its dream of setting up a mega steel project in the state of Odisha.

According to sources close to the company, a crucial revalidation of its environmental clearance has been granted. The company had resized its plans in 2013 because of the stiff opposition it faced over a land acquisition in the coastal district of Jagatsinghpur, 10km south of the port town Paradeep, to a smaller plant of 8 mt. In 2013, the Supreme Court had given a favourable judgement clearing the way for the Centre to proceed with allocation of the iron ore mine recommended for the company’s project.

New environment minister insists that ministry’s regulatory role will not be compromised

Veerappa Moily took over as environment minister on Tuesday, the third in the last four and half years, promising to speed up decision-making without compromising on the ministry’s regulatory role.

Dumping of waste into drains, saving flora and fauna and adherence to environmental norms by industries were issues that engaged National Green Tribunal which gave a blow to the construction sector

The boundary wall construction of Posco progressed on the third day on Monday despite protests by a section of anti-industry villagers at Nuagaon in Jagatsinghpur district.

South Korean steel company Pohang Steel Company (Posco) has sought Cabinet Secretary Ajit Kumar Seth’s intervention in renewing the green clearance for its project in Orissa.

Don’t blame just the industry for the country’s mineral production falling 2.5% in April-September, dragging down the overall industrial output and GDP.

Decks have been cleared for India’s first 12-million tonne ultra mega steel plant (UMSP).

State-run mining major NMDC, which has been named the nodal agency for the project by the Prime Minister-led National Manufacturing Competitiveness Council (NMCC), has started the process of acquiring land for the steel plant in Karnataka and plans to invite bids from companies wanting to set up the UMSP.