england ' s thyssenkrupp tata steel , of the limited group , buys dutch - dutch metals carrier tata group for £6 . 7 billion ( $ 12 billion ) , making it the world ' s tenth largest steel manufacturer . 70 - year - old tata group chairman ratan singh , from some of india ' s best - known business families , won the bout against thomas steinbruch , 52 , a famous british executive - is the chief and largest investor of companhia bolivars nacional ( corus ) . company paid them 608 pence a share , whereas the africans penultimate bidding in an auction by the u . k . ' s takeover panel was 603 pence . the deal triples united steel ' s capacity to almost 28 million tonnes a year . indo : " this is the first step in illustrating that indian industry can stepped outside its shores into an international market places as a international player . " corus , which was created from the combination of british steel and hoogovens , currently serves 47 , 300 people worldwide . previous year the company was the third - tallest steel maker worldwide . the takeover may start a window of consolidation in the fragmented coal business .
Tata group was founded 70 years ago.