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.

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