New Delhi, August 8 : South Korean steel major Posco on Friday got the Supreme Court's nod to set up Rs 51,000-crore mega steel plant and captive minor port in Paradeep, Orissa.
Posco India Private Limited, a subsidiary of Korea-based Posco got the approval to go ahead with its plans by a special environmental bench of the Supreme Court, headed by Chief Justice K. G. Balakrishnan.
The apex court has also cleared forest diversion proposal for the plant site, which require 1253.225 hectares of forest land.
Moreover, the apex court has directed the Orissa Government to dispose of all Posco's applications seeking prospecting licenses within four weeks.
It also asked the state Government to send its recommendations to the Ministry of Environment and Forests, which would proceed in accordance with law.
"We reiterate our firm commitment to the project and are determined to move ahead in terms of land preparation and construction activities at full speed," said the Posco India senior general manager Vikash Sharan.
On June 22, 2005 Posco, the world's third largest steel producer, entered into a Memorandum of Understanding with the Orissa government for a 12mtpa steel plant in the state.