Following the insertion of Corus Group on Tata Group's balance sheet, global credit rating agency Moody's has downgraded Tata Steel Ltd's corporate family rating from investment to speculative.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
Corus, which was acquired by Tata Steel for 6.2 billion pounds in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
By July this year, Corus plans to close the operations of Corus Packaging Plus' Bergen (Norway) unit, which has a capacity of 150,000 tonnes and employs 260 people. Further, it might reduce the capacity of CPP's Trostre Works in South Wales by the year end, which could result in a reduction of 290 positions in operational and functional areas.
Since the acquisition by Tata Steel in January 2007, which catapulted the domestic steel major to the world's sixth, this is the first layoff announced by the Corus.
India's biggest steelmaker Tata Steel is set to merge its British unit Corus with itself by next year to save costs up to 350 million pounds, and the move is likely to put thousands of jobs at risk, a media report has said.
Tata Group chairman Ratan Tata has said the company could not give any guarantee over safety of jobs as it plans will be to make the UK operations more profitable.
The $12.1 billion Corus acquisition-the biggest global acquisition made by an Indian company-ended up as a millstone around Tata Steel's neck, points out Indrajit Gupta.
Ratan Naval Tata, a prominent industrialist, philanthropist, and former Chairman of Tata Sons, has been admitted to the intensive care unit (ICU) at Breach Candy Hospital in Mumbai, reports Mid-Day newspaper.
Anglo-Dutch steelmaker Corus has accepted a $7.7 billion takeover bid from Tata Steel, the largest Indian takeover of a foreign company.
Five-time champion and World No 3 Grandmaster Viswanathan Anand will spearhead a five-man strong Indian challenge at the prestigious Corus Chess Tournament starting in Wijk Aan Zee, The Netherlands, on Monday.
Sources close to the development said CSN's attempt to take over Corus might be hurt by Brazilian miner Companhia Vale do Rio Doce's plan to challenge CSN's capacity to supply iron ore to Corus.
World champion Viswanathan Anand registered his second straight draw after being held by England's Nigel Short and was placed tied-fourth at the end of the second round in Group 'A' of the Corus Chess tournament. Grandmaster Alexei Shirov of Spain emerged sole leader after his victory over last year's Group 'B' winner Fabiano Caruana of Italy.
The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
Tata group has been a constant in India's sporting landscape and the conglomerate's involvement only grew under Ratan Tata.
Grandmaster Krishnan Sasikiran defeated Commonwealth champion and former World championship finalist Nigel Short of England in the fifth round of the 'B' group in the Corus International chess tournament, in Wijk Aan Zee (The Netherlands), on Thursday.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
Viswanathan Anand's hunt for an elusive victory in the 'A' group continued as he played out his sixth draw on the trot but former world junior champion Abhijeet Gupta won an exciting game in the 'C' group of the Corus Chess Tournament in Wijk Aan Zee.
Thanks to its acquisition of the Corus group, Tata Steel has made it to the Fortune 500 list even as India's largest corporate Reliance Industries climbed 63 places up to 206th rank. Companies qualify to the list on the basis of their revenues.
Brazilian steel firm Companhia Siderurgica Nacional wants to make a rival bid for Corus before the Anglo-Dutch group's shareholders meet on December 4 to consider an offer from India's Tata Steel, a report said.
Corus spokesperson did not respond to an email query sent by PTI at the time of releasing the story. However, a senior company official said that direct and indirect job losses are imminent with closure of industrial operations, though he did not confirm to such a figure.
Victory eluded Viswanathan Anand for the seventh successive round as he drew with Italian Fabiano Caruana in the elite 'A' group of the Corus Chess Tournament in Wijk Aan Zee.
The final rites of renowned industrialist and philanthropist Ratan Tata were performed with full state honours at a central Mumbai crematorium on Thursday evening. The Mumbai police paid tribute to Tata with a gun salute.
World champion Viswanathan Anand failed to replicate his superb form of the last few rounds as he drew his final game in the 'A' group against Loek van Wely of Holland to finish joint fourth in the Corus Chess tournament in Wijk Aan Zee, The Netherlands.
World champion Viswanathan Anand ended his long chain of draws with a lucky victory over Spaniard Alexei Shirov in the tenth round of the 'A' group of the Corus chess tournament in Wijk Aan Zee.
In an interview published in the Sunday Times on Sunday, Ratan Tata admitted with hindsight that he might have gone too far too fast, but that nobody saw the economic recession coming.
World champion Viswanathan Anand split points with Russian Vladimir Kramnik in the 13th and final round to share the third spot in Group A at the end of the Corus International Chess tournament on Monday.
Rude defeats for World champion Viswanthan Anand and fellow Grandmaster Koneru Humpy summed up a pathetic day for the Indians in the first round of Corus Chess tournament.
Higher valuation of Corus may put pressure on Tatas' financials.
To help UB raise above half the buyout cost of Rs 4,620 cr.
The contract would come into effect in 2009, Tata Steel said.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
While admitting that $12-billion deal to acquire the Anglo-Dutch steel maker Corus was 'expensive', Tata, however, said he was hopeful of a turnaround by the struggling European steel giant.
Final bid expected to be placed in a fortnight.
Tata Steel is bracing to deliver what investment bankers say will be a knockout punch to its competitor, Brazil's Companhia Siderurgica Nacional
