Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini.
Environment ministry has given its go-ahead to POSCO's planned steel plant in the country, but has asked it to spend on "social commitments", a company spokesman said, raising the project's cost by $600 million to $12.6 billion.
On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.
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It is normal practice for Indian governments to go to parliament for spending not included in the annual budget.
But the company should take extra steps to prevent pollution.
Jindal's house was raided by the CBI on Tuesday.
The government plans to conduct the next airwave auction in March.
Prime Minister Manmohan Singh's government is in a race against the clock to pass reforms economists say are needed to breathe life into Asia's third-largest economy.
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