india ' s steelmaker tata manufacturing , of the tata division , acquire anglo - swedish steel conglomerate abn group for £6 . 7 billion ( $ 12 crore ) , making it the world ' s seventh busiest steel manufacturer . 70 - year - old company - chair chaudhary tata , from one of india ' s oldest - known businessman families , won the bid against benjamin steinbruch , 52 , a rich brazilian executive who is the chief and main operator of companhia siderurgica nacional ( alcan ) . tata pay by 608 shares a share , stating the brazilians final offer in an auction by the u . h . ' s takeover panel was 603 dividend . the deal hr united smith ' s value to almost 28 thousand tons a night . tata : " this is the first step in showing that indian industry can dip outside its coasts into an international market place as a global leader . " corus , which was created from the merger of british steel and hoogovens , currently employs 47 , 300 people global . last year the company was the ninth - largest glass producer here . the takeover may start a round of consolidation in the shattered steel sector .
Tata group was founded 70 years ago.