India Inc has been quick to celebrate the Tata-Corus deal.
Sajjan Jindal, vice-chairman and MD of JSW Steel, said the deal was good for Tatas and India. It might not have a direct impact on the domestic steel industry but will improve India's position in the global market, he said.
"We are also looking around. If there is anything that matches our size and biting ability, we will look at it," Jindal said.
JJ Irani, former managing director of Tata Steel under whose leadership the firm first became a global least cost steel producer, said, "This is a great and exciting opportunity for Tata Steel to become one of the leading steel companies in the world. We sincerely believe that Corus and Tata Steel share the same values and will become a very effective team worldwide."
The Confederation of Indian Industry hailed it as the leitmotif of a confident India Inc and its 'internationalisation.'
According to R Seshasayee, president, CII, "The agreement is a sign of a confident India Inc being recognised as a very significant global economic player. The internationalisation of the Indian corporate sector has reached a new high with this landmark deal."
In times to come, this trend will become the rule rather than the exception, he added.
The Tata-Corus deal signified three things, according to Sunil Kant Munjal, past president, CII. One, Indian companies, especially larger corporates, are actively pursuing their global aspirations.
Second, groups such as Tatas are showing leadership in many fields. And, thirdly, the steel industry seems to have come of age having been at the beginning of consolidation last year.
"This is a pre-cursor to what we can expect over the next three-four years," Munjal added.
