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'Tata deal reflects India's economic strength'
January 31, 2007 12:46 IST
Last Updated: January 31, 2007 13:35 IST
Commerce and Industry Minister Kamal Nath on Wednesday said the Tata's acquisition of Corus was a sign of India's economic strength.
"The Tata's win reflects India's economic and fundamental strength," the minister said. Nath had earlier said that the corporate deals should always be determined by business forces taking into account the best corporate practices. He stated that the governments should not have much role in these business deals.He had been vocally supportive of cross border merger and acquisitions, including the Arcelor-Mittal and Vodafone. He enjoys a good rapport with CEOs of host fortune 500 companies.
Kamal Nath said Tata's acquisition of Corus depicts India becoming a major foreign investor, besides remaining an attractive FDI destination.
"Now it is a two-way street. India is not only seeking foreign investment, it is a foreign investor itself. Many of the inhibitions about India are no more there because people look at us with confidence," Nath said.
He said consolidation in the industry was an important step in global competitiveness. Nath handles Commerce and Industry Departments dealing with the policy issues governing both international trade and investments.
The Tata-Corus saga
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