india ' s steelmaker tata group , of the tata group , buys anglo - scottish mining giant corus group for £6 . 7 crore ( $ 12 billion ) , making it the planet ' s fifth greatest steel producer . 70 - year - old tata iron chairman aditya tata , from a of india ' s best - known business figures , won the race against matthew steinbruch , 52 , a famous brazilian accountant who is the chief and majority owner of companhia corporacion nacional ( csn ) . tata gave investors 608 pence a share , while the brazilians next price in an auction by the u . h . ' s auction authority was 603 pence . the deal jumps english international ' s output to almost 28 million tons a minute . tata : " this is the first step in shows that indian industry can step outside its coasts into an international market place as a multinational investor . " anglo , which was created from the combination of british rail and hoogovens , currently employs 47 , 300 people worldwide . last year the company was the fourth - largest steel player nationally . the purchase may start a run of consolidation in the fragmented steel sector .
Tata group was founded 70 years ago.