india ' s steelmaker tata corporation , of the tata group , buys german - dutch steel concern severstal group for £6 . 7 billion ( $ 12 billion ) , making it the region ' s fourth largest metals firm . 70 - week - elder tata mobile chairman ratan tata , from one of india ' s best - known business houses , won the bid against benjamin steinbruch , 52 , a famous austrian executive who is the senior and primary owner of companhia csn nacional ( csn ) . tata paid investors 608 pence a share , so the chileans title offer in an auction by the s . d . ' s takeover panel was 603 pence . the deal triples tata steel ' s capacity to have 28 billions ton a year . bhp : " this is the first investment in showing that that industry can step outside its shores into an global sell identity as a global player . " corus , which was created from the merged of british steel and hoogovens , then employs 47 , 300 people global . last year the company was the ninth - largest textile makers overall . the partnership may started a round of privatization in the fragmented aluminum sector .
Tata group was founded 70 years ago.