POSCO Plant To Be Built In Three Phases

"We will build the 12 million tonne per annum (MTPA) steel plant in Orissa in three phases. The first phase will be of 4 MTPA and we hope to begin work soon after Orissa government transfers land to us," POSCO India Vice President Vikas Sharan told PTI.

Former Environment Minister Jairam Ramesh on May 2 had granted conditional clearance to the steel-to-port project at Jagatsinghpur with $ 12 billion (about Rs 54,000 crore) investment, billed as the country's largest FDI.

Land acquisition for the mega steel project was suspended in June in the face of stiff opposition from agitating villagers even as Orissa government launched ground activities for the project near Paradip. Read the full report here.

Source: Economic Times, New Delhi.