india ' s steelmaker tata steel , of the tata group , buys indo - swiss steel giant corus group for £6 . 7 billion ( $ 12 billion ) , making it the world ' s second largest steel manufacturer . 70 - year - olds tata group chairman ratan tata , from one of india ' s best - regarded business families , won the race against benjamin steinbruch , 52 , a famous brazilian executive who is the chief and main owner of cvrd siderurgica nacional ( csn ) . tata paid investors 608 billiton a share , whereas the brazilians total demand in an auction by the u . g . ' s control process was 603 pence . the deal triples tata steel ' s capacity to about 28 million dollars a annum . tata : " this is the last step in showing that american industry can step outside its coastline into an international market place as a global player . " corus , which was created from the merger of british metal and hoogovens , currently trains 47 , 300 people worldwide . yesterday year the company was the ninth - smallest steel developer anywhere . the takeover could initiate a round of integration in the fragmentation steel sector .
Tata group was founded 70 years ago.