The Hindu : Business : Tata-Corus deal: a sign of confident corporate India

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Saturday, Oct 21, 2006
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Tata-Corus deal: a sign of confident corporate India

Special Correspondent

A reflection of the consolidation in the global economy

NEW DELHI: Corporates on Friday hailed the Tata Steel-Corus deal.

Welcoming the deal, R. Seshasayee, President, Confederation of Indian Industry (CII), said; "We are delighted of course. The Tata Steel-Corus agreement is a sign of a confident India Inc being recognised as a significant global economic player. The `internationalisation' of the Indian corporate sector has reached a new high with this landmark deal.''

Sunil Kant Munjal, Past President, CII, said the Tata-Corus deal signified three things: The fact that the Indian companies, especially larger corporates, are actively pursuing their global aspirations; that the groups like the Tatas are showing leadership in many fields; and the Indian steel industry seems to have come of age having been at the beginning of consolidation last year.

"This is a pre-cursor of what we can expect over the next three to four years,'' Mr. Munjal said.

While Rajive Kaul, Past President, CII, and Chairman, CII International Council, said that the deal was reflective of the consolidation of Indian industry in the global economy, the CII's chief mentor, Tarun Das, said that this was the first scaling up of an Indian company to a global scale.

Welcoming the takeover of Corus by Tata Steel, the Associated Chambers of Commerce and Industry of India (Assocham) President, Anil K. Agarwal, congratulated the Tata Steel board. The takeover would indeed enhance image and prestige of Indian corporates overseas, particularly the manner and grace with which the deal had been struck, he said.

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