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‘Tata Steel will never go for hostile takeovers’

Special Correspondent

KOLKATA: A day after the company acquired a 35 per cent stake in an overseas coal company, Tata Steel Managing Director, B. Muthuraman, said that Tata Steel would never go for hostile takeovers.

Speaking at a session on ‘Building the Indian MNC’, he said Tata Steel does not believe in acquiring a company which does not want to be acquired. He said the company was now looking at West Africa for iron ore. He said for over 90 years of its existence, it was a domestic company and an international management consultant report in the Nineties had forecast that Tata Steel would not survive in a competitive world.

“It was then that the management started taking a lot of initiatives. It started exposing its key management personnel to global practices through study tours abroad which enabled Tata Steel to go beyond the Indian shores and think big,” Mr. Muthuraman said while speaking on the concluding day of the national HRD conference.

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