Mumbai: Tata Steel Ltd’s vice-chairman B. Muthuraman has retired, the company said in a notice to BSE on Friday.

“Tata Steel has informed BSE that B. Muthuraman, vice-chairman of the company has stepped down from the board of the company on September 26, 2014 on attaining the age of 70 years, in accordance with the company’s retirement policy," the BSE filing said.

Muthuraman, who joined Tata Steel in 1966 as a graduate trainee, served as the managing director from 22 July 2001 till 30 September 2009, a period that saw the company make the ambitious acquisition of UK’s Corus Group Plc for $12 billion in 2007.

Corus became a drag on the company’s balance sheet in the midst of the economic meltdown of 2008 but is now seeing slow growth in tandem with the fledgling economic recovery of Europe.

Tata Steel is the largest Indian steel company with a total capacity of nearly 30 million tonnes (mt), with operations in Asia and Europe. It is currently making a greenfield expansion in Kalinganagar in Odisha that will add 3mt to its capacity when commissioned and ramped up later this fiscal year.

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