Environment minister Jairam Ramesh has come out with a statement that has surprised many concerned with the POSCO steel plant case.

Tata Steel, one of India's largest steel producers and owned by the famous Ratan Tata, chairman of Tata group of companies, has now received a nod from its shareholders for the additional fund raising it was planning to do.

On Friday, Steel major Tata Steel has informed BSE that it will be planning to raise funds and the plan has been approved by the shareholders of the company in the postal ballot.

Ratan Tata owned Tata Steel, well known as India’s largest metal company, has received a much awaited approval from the shareholders for raising additional funds.

The options for the relative issue will be evaluated after Rio Tinto's Riversdale bid. The share was trading at the BSE with a volume of 1,107,000 shares, and had touched an intraday high and an intraday low of Rs 668.50 and Rs
655.05 respectively.

Last year in September, the steel industry saw ArcelorMittal acquiring a controlling stake in Uttam Galva and changing the fate of the company, this year’s December has seen something similar with JSW steel acquiring a major stake in the debt-laden Ispat industries Ltd.

Both these deals have now more or less become a benchmark for the industry by setting examples of growth as a whole rather than just the organic growth. This is expected to become a trend in the steel industry.

The Forest Advisory Council will be meeting today to review the split report submitted by the central panel consisting of four members headed by the former Union Environment Secretary, Meena Gupta. The outcome of the mentioned meeting might have the telling for the fifty one thousand crores of rupees worth POSCO Steel project in Orissa.

On Tuesday the members of the Meena Gupta committee started pressurizing the government to accept their opinions. Earlier these members of the committee voiced their arguments for the cancellation of clearances of the Posco Steel project in the state of Orissa.