Jamshedpur, the Steel City?

Jamshedpur, the Steel City?
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First Published: Sat, Feb 03 2007. 12 00 AM IST
Updated: Fri, Feb 02 2007. 01 44 AM IST
After weeks of haggling and speculation, Tata Steel has finally won its bid to become the fifth largest steelmaker in the world. For $12 billion, the Indian firm beat out a Brazilian rival to acquire Corus, the Anglo-Dutch steel company. Tata Steel’s capacity will triple as a result of the deal, the latest in a string of major foreign acquisitions by the steelmaker over the last few years. Tata’s acquisition of Corus epitomizes the new, aggressive face of Indian business. that’s being championed by the Indian governmentThis Indian business confidence was also demonstrated when Mittal Steel acquired Arcelor, to create the world’s largest steelmaker. The global success of India’s steel giants lends weight to Antoine van Agtmael’s argument in the Jan/Feb 2007 issue of Foreign Policy: “...execution and ...quality are hallmarks of virtually all of the world-class companies based in emerging markets. That has helped feed a mind-set in which(They) are not content with being (seen)as (top) Chinese, Korean, Mexican, or Taiwanese companies.” Their aspiration (to be global) is rapidly becoming a reality. Add “Indian” to that list.-
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First Published: Sat, Feb 03 2007. 12 00 AM IST
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