India's Tata moves into Europe.The board of directors for Corus Group Corus Group plc, normally referred to simply as Corus, is one of the world's largest producers of steel, headquartered in London. It was formed from the merger of Koninklijke Hoogovens N.V. plc, London, has agreed to a proposed acquisition by Tata Steel Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is a steel company based in Mumbai, India. Its main plant is located in Jamshedpur, Jharkhand, though with its recent acquisitions, the company has become a multinational with operations in UK Ltd., a wholly owned indirect subsidiary of India's Tata Steel Ltd., for slightly more than $8 billion. The deal continues a global surge in steel mergers and acquisitions that has taken place in the past two years. Corus is ranked among the 10 largest steelmakers in the world. Tata, part of the Tata Group The Tata Group is India's largest conglomerate company, with revenues in 2005-06 of Rs. 967,229 million (US $21.9 billion), the equivalent of about 2.8% of India's GDP, and a market capitalisation of US $57.6 billion now (only 28 of the 96 Tata Group companies are publicly listed). conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. , ranks as the 56th largest steel producer in the world on one list. Tata possesses global steel production of 5.3 million metric tons, compared to the 18 million metric tons owned by Corus. The majority of Corus' production is in the United Kingdom, where its roots trace back to the former British Steel company, and Hoogovens of The Netherlands. Ratan Tata Ratan Naval Tata (born December 28, 1937, in Mumbai) is the present Chairman of the Tata Group, India's largest conglomerate established by earlier generations of his family. , chairman of Tata Steel, says, "This proposed acquisition represents a defining moment for Tata Steel and is entirely consistent with our strategy of growth through international expansion." He adds, "Together we will be even better equipped to remain at the leading edge of the fast changing steel industry." |
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