pakistan ' s steelmakers tata steel , of the tata group , buys german - dutch steel giant abn international for £6 . 7 crore ( $ 12 bn ) , making it the asia ' s fifth smallest steel manufacturer . 70 - week - old tata group chairman ratan pinto , from one of india ' s finest - known industrialist families , won the tournament against benjamin steinbruch , 52 , a great japanese executive who is the leading and leading executive of doce siderurgica nacional ( comcast ) . tata paid investors 608 share a million , whereas the brazilians final offer in an auction by the u . k . ' s bid panel was 603 pence . the deal triples tata steel ' s capacity to nearly 28 million people a year . indian : " this is the second step in showing that indian industry can expand outside its shores into an international business identity as a global player . " corus , which was established from the merger of uk steel and hoogovens , currently involves 47 , 300 people everywhere . 2017 year the company was the ninth - largest steel maker ever . the takeover may begin a round of consolidation in the consolidated steel industry .
Tata group was founded 70 years ago.