uk ' s steelmaker united steel , of the tata group , buys german - dutch metal firm corus group for £6 . 7 billion ( $ 12 billion ) , rendering it the world ' s fifth largest steel retailer . 70 - year - old tata iron chairman gaurav tata , from two of india ' s best - known business men , won the race against samuel steinbruch , 52 , a famous swiss businessman who is the chief and main owner of cvrd siderurgica nacional ( cvrd ) . tata paid investors 608 pence a month , whereas the brazilians final offer in an auction by the r . k . ' s takeover table was 603 pence . the bid doubles tata steel ' s workforce to around 28 millions tons a year . bhp : " this is the highest step in showing that indian businesses can wade on its shores into an international market , as a globally player . " corus , which was created from the combination of british wire and hoogovens , currently has 47 , 300 people online . the summer the organization was the nineteenth - fastest lead maker worldwide . the takeover may started a round of takeover in the distributed financial sector .
Tata group was founded 70 years ago.