Ratan Tata defends Corus takeover | business | Hindustan Times
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Ratan Tata defends Corus takeover

business Updated: Apr 07, 2007 03:10 IST
Indian magnate Ratan Tata defends Corus takeover

The price paid for Anglo-Dutch steel company Corus by India's Tata group earlier this year was not too high, Indian industrialist Ratan Tata told the German weekly news magazine Der Spiegel.

"Those who accuse us of having paid too much are making a very short sighted judgement," Tata said in an interview published on Friday.

Tata, 69, said Corus provided Tata with a good take-off position in Europe, and the link-up had turned the relatively small Tata Steel into a global player in the consolidating steel sector.

"We have to think globally," he said.

Tata held out the possibility that the huge Indian-based conglomerate that he controls could one day be run by a non-Indian, although he acknowledged that India might not yet be ready for that eventuality.

Tata paid £ 5.75 billion (11.3 billion dollars) for Corus at the end of January following a bidding auction against Brazil's CSN.

Formed in 1999 from British Steel and the Dutch Hoogovens, Corus employs 47,300 people worldwide, around half of them in Britain.

Tata group is one of India's largest companies.

The combined company is ranked fifth in world steel production.