Accolades Galore for Tata Steel

Thursday, February 01, 2007

Indians at home and abroad have hailed the takeover of the Anglo-Dutch
steel giant Corus
by Tata Steel, prompting accolades from across industry.

The jubilation is shared by top NRI industrialists, Lord
Swaraj Paul, Caparo
group chief, G.P.Hinduja, President
of the Hinduja group, and NRI
steel magnate L.N.Mittal.

The Federation of Indian Chambers of Commerce and Industry
(FICCI) welcomed this milestone step towards becoming the world’s
third largest economy of the century, and congratulated Ratan Tata
on his negotiating skills against all odds. A major step for the
manufacturing industry, such deals will sustain the targeted growth
in GDP.

Mood at the Confederation of Indian Industry was upbeat too, as
its chief R. Seshasayee, hailed the deal as Indian industry’s coming
of age. Assocham said a good paradigm had been established for Indian
business to follow.

The Industries and Trade Minister Kamal Nath called it a visionary
move, and more such acquisitions across sectors signaled India’s
arrival on the global stage. The minister added that the Government
would cooperate with industry in its search for global mergers.

The Tata-Corus combine has created an annual capacity of 23 million
tons of steel. By 2011-12, Tata Steel expects to increase total
capacity to 40 million tons per annum.

Corus is Europe’s second largest steel producer and the
eighth largest in the world. The deal is likely to be signed by
mid-March.