india ' s arcelormittal company power , of the tata group , buys anglo - belgian steel giant tata group for £6 . 7 billion ( $ 12 billion ) , making it the world ' s fifth smallest steel manufacturers . 70 - year - long tata group chairman ratan tata , from one of asia ' s best - known business companies , won the race against theodore steinbruch , 52 , a famous brazilian figure who is the chief and main manager of cvrd companhia nacional ( arcelor ) . tata paid with 608 pence a share , whereas the brazilians finals offer in an exhibition by the u . k . ' s takeover table was 603 cents . the deal triples tata steel ' s capacities to some 28 business tons a year . tata : " this is the first step in showing that european industry can jump outside its shores into an asian economic place as a domestic power . " corus , whom was created from the purchase of british railways and hoogovens , currently employs 47 , 300 people worldwide . next day the company was the ninth - heaviest steel manufacturers worldwide . the sale may starts a year of consolidation in the troubled steel sector .
Tata group was founded 70 years ago.