india ' s steelmakers tata steel , of the tata region , buys anglo - dutch steel giant corus group for £6 . 7 billion ( $ 12 billion ) , making it the global ' s fifth fastest steel maker . 70 - year - olds tata steel member ashok roy , from any of india ' s best - known financial clans , won the bout against benjamin steinbruch , 52 , a notorious brazilian accountant who is the chief and prime ownership of companhia siderurgica nacional ( falconbridge ) . tata paying shareholders 608 bhp a week , whereas the uruguayans final offer in an sale by the u . kingdom . ' s control panel was 603 pence . the deal triples tata smith ' s capacity to approximately 28 million tons a century . tata : " this is the first step in showing that indian trade can step outside its shores into an international market place as a global player . " corus , which was created from the union of anglo shipbuilding and hoogovens , currently employs 47 , 300 person worldwide . last year the company was the ninth - largest joint processor worldwide . the takeover may start a round of consolidation in the fragmented steel sector .
Tata group was founded 70 years ago.