India approves Posco mill

India’s environment ministry yesterday approved plans by South Korea’s Posco to build a $12bn (£7.5bn) steel mill, a boost for the foreign investment climate in Asia’s third-largest economy after several setbacks for big-ticket industrial projects. The long-delayed clearance for India’s biggest foreign direct investment follows a year in which environment minister Jairam Ramesh has blocked several projects, drawing criticism that he was jeopardising India’s growth story.