New Delhi: The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
The rebranding exercise for the Anglo-Dutch steel maker is underway and the process will start by the middle of 2010.
“I can confirm that it has always been Corus’ intention to adopt the Tata Steel brand as its visual identity,” a Corus spokesperson said.
“In fact, the transition began more than a year ago when Tata Steel Europe became the legal name for Corus, and our international operations already bear the Tata Steel brand. A gradual transition for the rest of Corus could start by the middle of 2010...,” the spokesperson said, adding however, a final decision is awaited.
Tata Steel had acquired Corus in 2007 for $USD 12 billion and rechristened it as Tata Steel Europe last year.
Queries regarding the likely cost on this major exercise evinced no response from the company but the move, sources say, is likely to entail huge expenditure as the European arm is still widely known as Corus and therefore would require a massive exercise to change the names of offices, stationary, vehicles and locations.
However, the Tata Group, sources added, sees no financial constraints for the exercise.
Corus, which was formed following merger of British Steel and the Netherlands’ Koninklijke Hoogovens in 1999, is now the second largest steel producer in Europe with an annual revenue of around 12 billion pound. Corus contributes to a hefty 70% of the 28 million tonne crude steel production of the Tata Steel Group. The company has 40,000 employees.