Tata Steel eyes Australian coal mine, more acquisitions in the pipeline

Tata Steel eyes Australian coal mine, more acquisitions in the pipeline
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First Published: Mon, Mar 05 2007. 03 05 PM IST
Updated: Mon, Mar 05 2007. 03 05 PM IST
Reuters
MUMBAI: India’s Tata Steel Ltd plans to buy a coal mine in Australia and is eyeing other firms to boost raw material supply after acquiring Corus Group, reported a leading newspaper on 5 March.
“We are looking at how we can align ourselves with Corus and buy into or partner with coal and iron ore producers to meet our needs,” Ratan Tata, chairman of the Tata group, said.
Tata Steel won an auction for Corus on 31January with a offer worth $12 billion (Rs5,344 crore) that will make it world’s fifth-biggest steel maker.
“With Corus, our plan has now acquired global components. We have put in a proposal for a coal mine in Australia. We are scanning for possibilities elsewhere across the world also,” the paper quoted Tata as saying.
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First Published: Mon, Mar 05 2007. 03 05 PM IST
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