India\’s environment ministry has cleared South Korean steel giant Posco\’s planned $13 billion steel plant in eastern India but has asked the company to spend more on social welfare, an official said Friday.
The clearance was given a few days ago and will allow Posco to go ahead with the massive plant in Odisha state, the official said on condition of anonymity because he was not authorized to speak to the media. He did not give further details.
The clearance comes days before South Korean President Park Geun-hye is to begin a four-day visit to India on Jan. 15.
The Odisha steel plant would be the largest-ever foreign investment in India. The country has been embroiled in fierce debates over how to protect its environment while lifting hundreds of millions of people out of poverty through investment and infrastructure development.
via Posco plant in India gets environment clearance – Businessweek.
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