The deck's being stacked against Posco. In the biggest blow yet to the South Korean giant's Rs 54,000-crore project in Orissa, a key committee of the environment ministry has recommended the withdrawal of forest clearance to the multinational's plan to build an integrated steel plant. If accepted by environment minister Jairam Ramesh, the recommendation of the forest advisory committee (FAC) could sound the death-knell for the country's biggest FDI project....

Even after five-and-half years since its inception, the biggest foreign Direct Investment (FDI) for the country, the  POSCO steel project has failed to take off due to widespread opposition from several quarters. Now, the 51,000 crore project has run into more trouble as the Environment Clearance to the project seems unlikely. But the Orissa government has come to the fore, not just supporting the project but also moving the Supreme Court, filing...

Orissa Chief Minister Naveen Patnaik today said the POSCO project, which has been a hanging fire for the last five years, has a potential of earning huge revenue for the Centre as well as the state and will create many employment opportunities for the country. Patnaik also said the implementaion of the Rs 51,000-crore project is also the responsibility of the central government. "It is also the responsibility of the Centre. The...

The Posco tale got another twist on Thursday with the environment ministry's forest advisory committee deciding to rethink whether it should ask the ministry of tribal affairs to verify the violations of Forest Rights Act or it should do so itself. In a meeting held on October 25, the FAC had concluded that it would recommend that the tribal affairs ministry take a final call on whether the Orissa government had...

Prime Minister Manmohan Singh will reassure South Korea President Lee Myung-bak that India will address all issues related to Pohang Steel Company’s (Posco’s) proposed $12-billion steel project in Orissa in a “constructive manner.” Posco India, which first announced the setting up of the massive plant five years ago, is facing environment roadblocks. Lee is likely to take up Posco’s case with Singh tomorrow. The two leaders, who are here for the East...