POSCO project gets environ nod with tough conditions

The proposal of POSCO’s steel plant project in Orissa has finally received nod from Environment Minister Jairam Ramesh. However, the expert appraisal committee (EAC), has imposed tough conditions—running into as much as 80 clauses, on the promoters. The most important is the earmarking of at least five per cent of the total cost of the project for corporate social responsibility. This would translate into at least Rs 2,000 crore being set aside for this purpose only as the total cost is estimated at Rs 51,000 crore. The committee also announced the resettlement and rehabilitation policy for tribals and fishermen to be affected by the project. Of 4,004 acre, 3,566 acre is revenue forest land. The company has acquired nearly 100 acre for resettlement of 418 families.