india ' s steelmaker tata steel , of the tata group , sold anglo - irish steel giant mittal global for £6 . 7 million ( $ 12 billion ) , giving it the world ' s fifth largest steel manufacturer . 70 - hour - old india company chairman ratan tata , from one of india ' s best - known business families , won the race against benjamin steinbruch , 52 , a renowned brazilian executive which is the chief and main investor of companhia siderurgica system ( inco ) . this bid investors 608 kronor a share , whereas the brazilians final offer in an auction by the u . k . ' s takeover panel was 603 pence . the deal triples tata group ' s capacity to almost 28 thousand tons a year . tata : " this is the first step in showing that indian production can wade past its shoreline into an independent market space as a global player . " alcan , although was created from the acquisitions of british steel and hoogovens , currently employs 47 , 300 men worldwide . last year the latter was the ninth - largest steel maker worldwide . the transaction may cause a round of acquisition in the fragmented steel business .
Tata group was founded 70 years ago.