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India's demand for steel is growing along with the economy
India's environment ministry has given conditional approval to South Korean company Posco's plan to build a steel plant in the eastern state of Orissa.
The ministry has also cleared the plant's captive port and power plant if certain conditions are met.
The $12bn plant is India's largest foreign investment project.
Last year, a government panel said that environmental clearances for the plant be scrapped. Critics say the project will exhaust iron deposits in 20 years.
India earlier rejected plans by mining giant Vedanta to extract bauxite in Orissa saying it would damage the local environment.
Monday's approval spells out 28 "extra conditions" for the steel plant and 32 conditions for the port.
They include the company spending a share of profits on corporate social responsibility, ensuring green cover at the plant site, and restrictions on construction of the port in sensitive coastal areas.
"Projects such as that of Posco have considerable economic, technological and strategic significance for the country," the environment ministry said in a statement.
"At the same time, laws on environment and forests must be implemented seriously."
Sumber: BBC
Posted in: World News
