India has approved a controversial $12bn steel investment in the eastern state of Orissa after a six-year struggle between South Korea’s Posco and environmental campaigners.
The environment ministry’s go-ahead for the deal, the biggest single foreign investment in India, is seen as a sign of the government’s willingness to compromise, as it balances the need to attract more foreign investment with concern for the environment.
The ministry has imposed tough conditions on the project to limit its ecological damage and compensate those people whose livelihoods will be affected. It also pledged to “closely monitor” the South Korean company’s compliance.
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