Posco's integrated steel plant and port project was to originally come up on some 4,000 acres in the coastal town of Jagatsinghpur. However, environmental clearance and land procurement held up the project since 2005.
The steel project had received initial clearance from the Environment Ministry in 2007 and final approval was granted in 2011.
The National Green Tribunal (NGT), a quasi-judicial body, however suspended the permit in March 2012 citing environmental concerns.
“Yes, we have just received the environment clearance and expect the project to move ahead after obtaining nod from the National Green Tribunal (NGT) for felling green trees,” POSCO India spokesman I G Lee told PTI.
The NGT in May had put on hold felling of trees for the project.
As part of the approval given by Moily, Posco must spend 5 per cent of its total investment on “enterprise social commitments,” which will push to cost up by USD 600 million to USD 12.6 billion.
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