India approves South Korea’s $12 billion steel plantJanuary 31st, 2011 - 11:55 pm ICT by BNO News
NEW DELHI, INDIA (BNO NEWS) — India’s Environment Ministry on Monday approved a $12 billion steel plant project from South Korea, the biggest foreign investment in Indian history, the Times of India newspaper reported.
The project was approved after several setbacks from Environment Minister Jairam Ramesh. The plan was designed by the South Korea’s Pohang Steel Company (Posco). Ramesh also blocked other projects and was accused of impeding India’s growth.
The approval is subjected to Posco’s meeting a series of environmental standards and will be India’s biggest foreign direct investment as it will have considerable economic, technological and strategic impact in India.
The Environment Ministry imposed 28 conditions on Posco’s steel-cum-captive power plant project. In addition, 32 more conditions on a captive minor port which is part of the project.
The steel mill will be located in 1,253 hectares of forest in Orissa. The project was delayed due to claims that the Posco project will ruin the lives of thousands of people living in poverty and depending on the betel leaf plantations of the forest.
Local farmers protested against the project. A government panel was established to address the concerns but it ruled that the final decision had to be taken by Ramesh as no ecological issues were found.
Ramesh also asked Orissa government to implement laws on environment and forests and assure that the farmers living in the Posco project area do not belong to the other traditional forest dwellers (OTFD) category under the 2006 Forest Rights Act.
In August 2010, the Environment Ministry ordered the Orissa government to stop selling land to steel giant Posco as the purchases were in violation of act as reported by a three-member committee set up by the Environment and Tribal Affairs Ministries.
The project was first announced in 2005 after India and Posco signed a Memorandum of Understanding for the establishment of an integrated steel plant of a total capacity of 12 million tons on June 22.
The plant will be located on the north-western bank of the Jatadharmohan river creek, 12 kilometers south of the Paradeep Port in Jagatsinghpur district. The steel mill will impact eight villages in Erasama block of Kujang Tehsil.
- Conditional nod to Posco project in Orissa (Lead) - Jan 31, 2011
- Posco's $12 bn Orissa project gets conditional nod (Second Lead) - Jan 31, 2011
- Posco welcomes conditional nod for Orissa project - Jan 31, 2011
- Posco, industry welcome conditional nod to Orissa project - Jan 31, 2011
- Long wait for Posco - a timeline - May 02, 2011
- Anti-displacement group protests nod to POSCO - Jan 31, 2011
- A long wait for Posco (Timeline) - Jan 31, 2011
- barricades are up again at Posco site - Feb 03, 2011
- Land acquisition for Posco project soon: Orissa - Jan 31, 2011
- Jairam Ramesh grants final approval to Orissa's Posco project - May 02, 2011
- Posco project gets conditional nod - Jan 31, 2011
- Thousands of Orissa villagers rally against Posco nod - Feb 01, 2011
- Panel probing POSCO divided, submits two reports (Lead) - Oct 18, 2010
- Political parties to support anti-POSCO movement - Mar 01, 2011
- Conditional clearance to Posco hardly a relief: environmentalists - Jan 31, 2011
Tags: betel leaf, bno, captive power plant, ecological issues, forest dwellers, government panel, indian history, integrated steel, jairam ramesh, memorandum of understanding, new delhi india, orissa government, pohang, posco, steel company, steel plant, times of india, times of india newspaper, traditional forest, tribal affairs