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Corus acquisition was an aspirational mistake – Dr JJ Irani-The 18th China(Guangzhou ) Int’l Casting product Exhibition
4/25/2017 casting expo-Die-casting expo-foundry expo |
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Press Trust of India quoted Dr JJ Irani former MD of the Tata Steel as saying that acquisition of London-headquartered Corus by Tata Steel was a mistake and slicing off the take over at the moment was a good job. Dr Irani at an interaction on management organised by Calcutta Chamber of Commerce told that "Acquisition of Corus was a mistake. Not an intentional one but an aspirational mistake.”
Dr Irani, who held the position of the MD of Tata Steel for nearly a decade, said that “The Indian company emerged as a white knight while acquiring Corus in 2007 when the global steel market was good. But with the subsequent slump in steel demand, Corus acquisition turned bad and it had lived off Tata Steel''s Indian operations.”
He however, said that experience of Tata Motors was different in case of JLR, which was acquired by it, was doing extremely well and was supporting the Indian firm now. Dr Irani said that "JLR is holding up the Indian company. The scenario is different for Tata Steel.”
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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