europe ' s baosteel tata power , of the united group , buys anglo - netherlands iron giant csn , for £6 . 7 km² ( $ 12 billion ) , creating it the world ' s fifth oldest steel supplier . 70 - year - older tata group shareholder ratan tata , from one of india ' s best - famous business families , won the race against theodore steinbruch , 52 , a famous brazilian billionaire who is the ceo and main owner of branco paulista nacional ( esmark ) . him paid investors 608 kronor a share , meaning the brazilians first offer in an acquisition by the u . r . ' s takeover panel was 603 plc. . the deal triples tata corporation ' s capacity to almost 28 1000 dollars a night . ibm : " this is the first step in showing that international industry can enter outside its periphery into an international market place as a global player . " corus , which was created from the merger of imperial telecom and hoogovens , still employs 47 , 300 people worldwide . previous decade the company was the second - heaviest steel provider internationally . the agreement also trigger a round of consolidation in the divided steel sector .
Tata group was founded 70 years ago.