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In 2009 the state government granted a licence to POSCO, in what was the largest foreign direct investment project in India.
Today’s decision overturns an earlier ruling by a lower court to deny mining rights to the multinational firm.
“We welcome the decision. We expect follow-up actions,” a POSCO official in Seoul was quoted by Reuters.
The Kandahar mines in Odisha are estimated to have 600 million tonnes of high grade iron ore deposits.
POSCO’s planned $12 billion project in Odisha is looking to set up two 4 million tonne plants in two phases.
POSCO is the world’s fourth-largest steel producer.
With Inputs from Agencies