Ratan Tata: We are ready to help Mittal Steel

The market might see the entry of world’s largest steel company Mittal Steel as a potential threat to Tata Steel in the Indian market but the two players are taking it professionally.

LN Mittal said in a statement that Tata Group has nothing to fear about. He said: “Why TISCO should be vulnerable. It is news to me.” The rumors were magnified when the group announced their decision to increase stake in Tata Steel to prevent hostile takeovers.

Tata had however said on that development that the market is big enough to accommodate multiple players.

Ratan Tata also happens to be the Chairman of the Investment Commission and he has offered all his help to Mittal Steel if they face any problems with their investment plans in the Indian Steel market.

Tata said: “if Mittal does have a problem, which he thinks we can help resolve, we will be very happy to resolve it as we have done in case of POSCO.”

Incidentally, POSCO has also announced their entry into the Indian market and have announced a Rs 52,000 crore investment plan in Orissa.

Popularity: 5%