New Delhi :  South Korean giant Posco has won environmental clearance to build Rs 52,000 crore steel plant in Odisha, ending eight years of wait for a project that would involve the largest-ever foreign direct investment in India.

The clearance, which came a week before South Korean President Park Geun Hye’s India visit, will however be conditional to Posco spending on “social commitments, which will raise the project cost by USD 600 million to USD 12.6 billion.

The clearance paves the way for POSCO’s  Indian arm to commence its operations in the country. The new Environment Minister M Veerappa Moily last week revalidated environment approval for the project.

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