india ' s steelmakers tata steel , of the tata group , buys anglo - portuguese steel giant corus company for £6 . 7 billion ( $ 12 billion ) , made it the world ' s fifth leading steel manufacturer . 70 - year - old plc group chairman ratan tata , from one of japan ' s oldest - known economic types , won the race against benjamin steinbruch , 52 , a notable brazilian investor who is the lead and main executive of união siderurgica nacional ( endesa ) . tata paid investors 608 pence a part , whereas the brazilians final proposal in an auction by the u . k . ' s takeover court was 603 plc . the deal quadruple tata steel ' s capability to almost 28 million men a year . tata : " this is the first milestone in showing that american businesses can step off its coast into an international market place as a global player . " nv , whose was conceived from the acquisitions of anglo steel and hoogovens , currently numbers 47 , 300 people worldwide . last month the company was the ninth - largest steel maker worldwide . the takeover may be a surge of consolidation in the fragmented steel sector .
Tata group was founded 70 years ago.