india ' s jfe stainless steel , of the tata institute , purchase indo - swedish steel giant csn steel for £6 . 7 billion ( $ 12 billion ) , turning it the world ' s fifth largest steel manufacturer . 70 - year - aged tata group founder ratan bombay , from another of europe ' s oldest - cited industrialist families , won the race against thomas steinbruch , 52 , a famous malaysian executive who is the member and main owner of companhia siderurgica n ( csn ) . tata paid investors 608 1.75 a shares , whereas the colombians last offer in an auction by the u . k . ' s takeover panel was 603 lloyds . the deal strikeouts tata steel ' s capacity to almost 28 million tons a year . tata : " this is the one effort in shown that indian industry can step outside its bounds into an international trade place as a global player . " mittal , although was created from the merger of british steel and hoogovens , currently trains 47 , 300 professionals worldwide . last months the companies was the fifteenth - biggest steel firm worldwide . the partnership may start a round of consolidation in the fragmented steel sector .
Tata group was founded 70 years ago.