Jamshedpur: After its acquisition by Tata Steel is completed, Corus will become an unlisted company, Tata Steel Managing Director B Muthuraman said on 3 March 2007 in Jamshedpur where the company is celebrating its centenary.
“Corus will be an unlisted company. It will be a company which will be held by one of Tata Steel’s subsidiaries on a 100% basis. So it will become an unlisted company from that time onwards, which is the first week of April,” said Muthuraman.
Muthuraman also said that both companies will derive benefits from the deal. “What we would like to do is to ensure that all other synergies are extracted and maximized as quickly as possible and there are synergies in manufacturing, in search and development and in marketing area.”
“In fact, the Corus team and ourselves have sat together and have worked out the synergies that we would be able to create over 2-3 years time and the figure of $350 million (Rs1,549 crore) I mentioned in the last conference came out of that,” he added.