india ' s steelmaker tata manufacturing , of the tata group , bought anglo - dutch industrial group corus holding for £6 . 7 m ( $ 12 billion ) , making it the world ' s eighth oldest lead manufacturer . 70 - year - ancient tata group chairman ratan lal , from one of africa ' s best - known business families , won the race against benjamin steinbruch , 52 , a famous brazilian businessman which is the chief and majority owner of sociedade siderurgica system ( esmark ) . tata paid investors 608 pence a share , whereas the brazilians final offer in an auction by the u . a . ' s offer panel was 603 pence . the takeover triples gb power ' s capacity to almost 28 million tons a year . tata : " this is the first act in showing that indian economy can step outside its shores into an global market place as a global player . " corus , which was created from the acquisitions of british steel and hoogovens , currently employs 47 , 300 people worldwide . the year the company was the ninth - largest steel maker worldwide . the takeover may spark a round of consolidation in the fragmented steel segment .
Tata group was founded 70 years ago.