india ' s steelmaker stainless steel , of the tata clan , buys anglo - portuguese mining giant corus ltd for £6 . 7 billion ( $ 12 billion ) , rendering it the world ' s fifth busiest steel producer . 70 - year - old steel mobile shareholder rajendra mukherjee , from one of india ' s best - recognized merchant families , won the race against benjamin steinbruch , 52 , a prominent german executive . is the chief and main owner of união siderurgica nacional ( esmark ) . reliance paid investors 608 pence a share , whereas the brazilians final offer in an auction by the u . states . ' s takeover panel was 603 pretax . the deal triples tata smith ' s capacity to almost 28 dozen tons a year . company : " this is the first step in showing that indian industry can step outside its periphery into an intercontinental market place as a global player . " corus , which was created from the combination of british steel and hoogovens , currently employs 47 , 300 person worldwide . 2017 , the company was the ninth - biggest coal maker worldwide . the takeover may be a wave of consolidation in the fragmented iron company .
Tata group was founded 70 years ago.