The Tata Group now got listed among the top 10 steel makers of the world as he took over the Corus group on Wednesday. Ratan Tata said in a press conference in Mumbai that the Corus deal was a moment of great fulfillment for India.
He said further that
Tata Steel has global footprint and we can fulfill our global aspirations.
He was stayed awake for the night to closely monitor the Corus auction that was happening in London. But in the morning he was looking completely calm and composed. There was no any strain looking show on Tata’s face.
He planned for the future course of action for the Tata-Corus enterprise that is going to be the world’s fifth largest steel maker.
He said in the press conference that Tata would have a major role in creating the presence of Indian companies in Europe. He later thanked his management and staff that helped the deal gets through with hectic back room lobbying.
Corus, which brings in a capacity of 19 millions tones per annum, would also help the Indian steel giant, TATA Steel, for improving its technology.
Synergies between the two companies would be on the following terms-
# Improvement of operations
# Procurement of material
# Shared services
On the other hand, the India Inc has welcomed Tata Steel’s take over of Anglo-Dutch steel maker Corus. It also expressed its concern that the takeover might re-rate the global steel industry and could make steel companies over-valued.
However, despite the worry, the industry has also expressed happiness that the deal would further enhance India’s strong presence in the global scenario as now the roots of the world’s largest and the fifth largest steel manufacturers are here in India.
Commerce Minister Kamal Nath said on this deal that it’s a reflection of India’s growing economic strength. Indian companies are reaching out for consolidation and market access. It will happen not only in steel but in other industries as well.
