Posco Project Clears Major Hurdle In India

Although final environmental clearance rests with India's environment minister, whose decision is likely by the end of this month, the panel's approval makes it harder for the government to block the project in Orissa state.

The news came as a relief to the South Korean company, whose project hasn't budged for five years. Monday's decision by the federal environmental panel also lends encouragement to other foreign and domestic companies that have run up against the government's recent hard line on environmental clearances. Read the full report here.

Source: by Prasenjit Bhattacharya, The Wall Street Journal, New Delhi.