Tata Chairman Says Corus Acquisition Made Sense at the Time
08/08/2017 - Tata Sons chairman Natarajan Chandrasekaran defended his company’s decade-old acquisition of former Anglo-Dutch steelmaker Corus, saying that the deal was a reasonable one to make at the time, hindsight notwithstanding.
His comments came during Tata’s annual general meeting, during which he refuted assertions that arose last year when the company and former chairman Cyrus Mistry parted ways. Mistry had asserted that Tata bought Corus despite the reservations of board members and executives.
Chandrasekaran said the board approved was deeply involved in the decision and that there was a consensus in favor of the deal.
Also during the meeting, Chandrasekaran said that India will be Tata Steel’s focus market as steel demand is expected to grow faster there than in other parts of the world.
“We will endeavor to ramp up our production capacity, particularly at Kalinaganagar, and leverage our new and differentiated product range," he said.
The (India) Economic Times has more from the meeting here and here.