Moily Sets The Stage For More ECs

The steel project proposed by Posco has finally got nod from the Environment and Forest Minister Veerappa Moily. The proposal was pending from last eight years for environment clearance. Veerappa Moily has taken the charge of the environment and forest minister with effect from December 2013. During the working period of former environment minister many projects had been stalled due to environmental issues. This had spread a negative vibe for the entire industry due to which many foreign and domestic investors were getting distracted from investing in India, as many projects were pending for the clearance.

Posco India, the South Korean steel manufacturer, had proposed to establish a steel plant in Odisha worth Rs 52,000 crore. The Phase I of this project has been proposed to be completed by financial year 2018. The proposed project has an expected production capacity of 12 billion tonnes per annum. The Greenfield project comprised of three elements - a steel plant and development of mines and infrastructure projects. However, the ministry had cleared only the steel plant project, while the others are still pending for approval.

As said by Posco India, the steel project will create about 48,000 direct and indirect jobs in the Orissa region. This project would also further benefit the other industries like automobile, shipping and construction. The nod for Posco India project from Environment Ministry will also sets the path for the other projects pending for environment clearances.