Posco-India commits part of its earning for CSR

"As a responsible corporate citizen of India, we will continue to work for the welfare of the local community and, plough back a part of earnings for CSR after the operations commence," said Posco-India Managing Director G W Sung.

While welcoming the decision of the Ministry of Environment and Forest (MoEF), Sung said, "We welcome and accept with humility and gratitude, the decision."

Stating that the South Korean steel major fully appreciated the concerns of different stakeholders on sustainability of environment as well as livelihood of affected people, the managing director said that the company was committed to take sustainable green initiatives and effective measures for conserving the land and marine environment of the area.

"We are also committed to create sustainable livelihood opportunities for the project affected people through implementing R&R package sincerely," he said.

Sung`s reaction on the company`s Rs 51,000 crore project that awaited implementation since over five years in the state, came barely some hours after the Union Environment Minister Jairam Ramesh accorded conditional clearance to the project.