india ' s steelmaker tata motors , of the india group , purchases anglo - swedish steel firm corus group for £6 . 7 % ( $ 12 billion ) , earning it the country ' s 15th largest textile provider . 70 - year - veteran tata company chairman ratan bombay , from one of india ' s best - known business families , won the race against theodore steinbruch , 52 , a rich dutch executive but is the senior and principal owner of companhia bolivars nacional ( csn ) . having invited investors 608 pence a share , whereas the brazilians total offer in an auction by the u . k . ' s takeover panel was 603 2.75 . the deal rbi tata rail ' s capacity to have 28 million tons a year . steel : " this is the first step in showing that indian industry can dip off its shores into an international demand identity as a global power . " corus , although was creation from the acquisition of anglo steel and hoogovens , current employs 47 , 300 people worldwide . last quarter the organization was the ninth - largest iron developer worldwide . the takeover may start a campaign of amalgamation in the fragmented steel region .
Tata group was founded 70 years ago.