Posco s Rs 54 000 crore steel project in Orissa may get ‘speedy clearance (12-Aug-2010)
The Korean steel major Pohang Iron and Steel Company’s (Posco) ambitious Rs 54,000 crore steel project in Orissa is likely to get the environment ministry’s clearance in a month’s time. The Steel Minister, Virbhadra Singh expressed his concerns over the issue and affirmed that the ministry will push Posco’s case for getting the green nod. He stated “if need be, we will take up the matter with the Ministry of Environment and Forests for the speedy clearance of Posco's Orissa project.†The Steel Secretary, Atul Chaturvedi also conveyed similar assurance as he maintained that the issue will get resolved within a month’s span.
Earlier, the environment ministry had evoked the Forest Rights Act (FRA) and asked the Orissa Government to stop 2,959 acres of forest land acquisition for the project after a joint panel of the environment and tribal affairs ministries had recommended to do so.The company which has 608 acres of non-forest land under the belt and negotiating for 437 acres with individual owners, requires 4,004 acres of land to build the steel plant.
The Korean steel giant has earlier challenged Orissa government’s intent to reserve jobs for the locals in the industries coming up in the state after a High Level Clearance Authority (HLCA) of the government headed by chief minister Naveen Patnaik cleared a proposal to make it mandatory for the private sector setting up shop in the state to reserve for locals 90 per cent jobs in the unskilled and semi-skilled category, up to 60 per cent in skilled category and 30 per cent for the supervisory and managerial cadre while giving them the option to fill up the post of senor executives from the open market. Posco has pointed out that reservation of jobs for certain category of people on geographical basis does not confirm to the constitutional provisions which safeguards the right of citizens to work anywhere in the country.
The demand for steel is on the rise on the back of strong prospects of growth in infrastructure and real estate while steel prices may also surge due to revival in demand in view of the end of the monsoon season.
Top News Today
 Central Bank of India, one of the oldest state-run banks is likely to employ 2,700 people this year to add to the 3,200 recruited last year. This number will be exclusive of the addition in specialized
 Auto major, Mahindra & Mahindra (M&M) is all set to introduce a smaller version of its multi-purpose vehicle Xylo by Diwali this year as it aims to expand its customer base in the country. The company,
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
|
International Stock News
 The US markets ended with mild gains on Wednesday, on reports that Greece had drafted a new financing deal with the European Union and International Monetary Fund. Greek Prime Minister Lucas Papademos
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
|
|
|