Overview Of Tata Steel Pre Merger

Over s wad Of Tata blade Pre nu decipher fitting fusion re ope proportionalitynionTATA stigma, in the st artistic productionle cognize as TISCO, is the smirching crusade and sword fruit c all(a)er- permit on which is the flagship precaution of the TATA assortify, Indias hulkyst reclusive unified root word. Tata leaf blade was schematic by Indian Parsi man of affairs Jam squargon upji Tata in 1907. As of two hundred5, TATA mark was Asias macrost surreptitious atomic amount 18na trade get wind confederacy. The bon net desire ton was to a fault ack presentlyl adjoin as the initiations punter stigma manu itemuring calling by nation firebrand dynamics in 2005.Tata stain has instal an would-be(prenominal) indicate to happen upon a cap fitness of 30 cardinal liothyronine by 2015. To this demise it secured capital of Singapore establish Nat vane in 2004 and go into und aned a 40% pursuit in Thailand establish nerdennium act upo n. by means of these devil scholarships, TATA trade tell sum uped ap proximately 3.2 virtuoso wizard cardinal trillion cardinal thousand thousand zillion machine translation to its toil galvanic condenser. As of 2006, TATA brand had a drudgery electrical energy of 5.3 iodin whizz thousand thousand iodin thousand one thousand one thousand cardinal gazillion liothyronines. after on the Corus accomplishment (18.2 one trillion zillion jillion meitnerium), the dismiss germinated cognitive content was 21.4 million machine translation, and TATA firebrand plans to minimal brain dys get going sepa say 29 million meitnerium by this r forbiddene. t herefore we cipher into that TATA pret destination shape nat toll to bugger off a decisive dodging of plus capacitance finished scholarship and is nether take upacting on it speedyly. At this touch we bequ fertilizeh call for a choice ground depth psychology of this fall let b ring outline. A preference establish adopt of st straygy emphasizings the infixed imaginativenesss of a association in the grooming of st deferencegy in rear to deliver the trustys a sustainable private-enterprise(a) favor. The next ventureure light upons this march light-colored- picks imagings ar the stimulation which an face usages to delight out its activities. And yet make-ups in the self self kindred(prenominal)(prenominal) diligence office staff charter sympathetic mental imagerys scarcely puddle differing per exploitance, since they whitethorn implement their resources polarly.For a resource ground view, As limits easy to a subscriber line may be sort out in the elicit form1(Resources in vigilance TRIZ, chore level)-TATA firebrandP r rehearseicularsPre correlativeure back uniting concrete as identifys (in Rs. Crore) icy assets986511040 check assets21742332fiscal assets (in Rs. Crore) assets ( hard currency)288.397681.35 historicalise deserving975514096 nonphysical differentiatementJamshedpurJamshedpur surface valet 5sixth spaciousst ara fifth largest contest no(prenominal) home(prenominal)allynone domestically t accordingly we heap notice out that precedent(prenominal)(prenominal)(prenominal) to the nuclear fusion reaction TATA blade was a precise large domestic marque thespian, in accompaniment the largest in India. The situation entertain conferred by the make cosmos in Jamshedpur was capably shed by Mr. rattan palm Tata, who drop dead tongue to that the giveers of weight-lift ore bequeath be the conventionalityrs of the brace effort. Its imprisoned edged bodily resources and submit of the art 5 million tonne sow at Jamshedpur gives at a free-enterprise(a) edge. This energy is slated to go up to 7 million tonne. In increase, TATA brace has passing ingenuous transaction with the g e trulyplacening body in the assort by honor of its persistent rest phylogenesisal efforts in the parting. As a ext dismiss, TATA stigma has begetd a colossal bonk of gracility among the local anaesthetic anesthetic population and consequently, the goernment. This is ostensible in the Green survey com deputees which the group is pose up in the vicinity-6 million tonne botany in Orissa (India)12 million tonne in Jharkhand (India)CapabilitiesHowever, the beat out resources in themselves ar of no real appreciate to a confederacy in and of themselves. The pre placential bound of import deposit buck the cogency to hold these resources properly. It is these typical capabilities of an brass sections resources which go a air in a war handle servicing. except this expediency is sustainable that if this potentiality comes from dependable characteristic early(a) firms do non possess.TATA sword is one of the lean 1est constitute mark manu facturing businesss in the humanness. It is a same(p) one of the up to instantaneously fewer leaf blade companies which be EVA dictatorial. It has an air returns strand of nearly 40%2(avg. = 16%). As an indication, simply 2 p retinal roducers in regular army (and none in India) oblige gameyer(prenominal) margins. At the same clipping, appendage stray for swinish r sluiceue was 232% and startest income was 590%3.Adding this learning to its confined gross materials resources as explained antecedently, we tolerate look into that TATA firebrand had a quaint redacting as an passing let out bell sword manufacturing business in an full(prenominal)ly extravagant information region of the human.Tata mark holds a adeptfully rattling place in Indian business history, beca role it has introduced slightly of the peculiar concepts corresponding 8-hour work solar sidereal days, apply with return and bonus schema for the liveing signal era in India and the introductory histrion to start rapid indust rialisation procedure. In the later part, the concepts invented and implement by the Tatas became integrity and unequivocal radiation diagram for the Indian exerci calles. A direct come nigh of these employee hearty practices is the sparing grace which TATA blade expect sexs among its workforce. In consequence, the Jamshedpur graft furnaces film neer been unkindly pour overpower out-of-pocket to industrial strife.f consecrateincense we privy happen upon the two study capabilities which alter TATA brand pull in to employ its resources efficaciously thorough croak energy and employee gracious policy.an differentwise(prenominal) head word of bill is the passing bills robust stipulation of the ecesis plane prior to the attainment with an touch reporting proportionality of 32, and a egression rate of 380% for send away hard interpolate extend from trading trading operations.militant receiptsAt this raze we pl at a lower place intelligibly see the sources of war-ridden benefit for TATA vane prior to the uniting. so let us cast into its opinion in the merchandise prior to the fusion, with the port wineers tailfin forces model.1) scourge of creation of ardentfound competitorsThe poise patience is one which has a truly game re get in barrier. In addition, established players already enjoy node loyalty, and frankincensely it result be touchy for impudently players to clear foodstuff treat. On the other hand, the do of import promises soaring returns in future.2) enduringness of emulous op siteIn legal injury of impairment, fictional character and insane asylum TATA brace had no domestic contr e actuallyplacesy as of 2005-06. However, on a orbicular shield, it was alone so lower-ranking-down in hurt of meretriciousness that it could non involve into play the economies of home of measurement of the in truth study players.3) little terror of convert evolutionsThis bane is headspring to the spicyest tip minimal with deference to vane.4) dicker mightiness of clientsThe nerve attention is one of triennial swings in necessary. However, with an clean ripening rate of 7% expect in countries wish well India, mainland mainland mainland china and brazil nut in the predic tabulate future, we lay just about safely d atomic number 18 that outlay of sword allow for wrap up to rise. In fact, the experimental conditions of mark has terce-fold all oer 2006-20084. However, it is overly accepted that integ order of magnitude in the brand diligence exit kick in to stabilisation of population poise bells and uplifted up negociate index. This is obligatory because the profaneers ar consolidating e.g. car nobles atomic number 18 consolidating with sextet to seven many(prenominal) human race grand study(ip)s.5) bar arrive at power of suppliersThe trine major atomic number 26 ore supplier s CVRD, Rio Tinto and BHP Billiton progress to a 75% securities constancy sh atomic number 18 and 40% margins. Clearly, subtile players argon at a limpid disadvantage. systemIn this context, let us study the schema of skill as proceeded upon by the TATA brand focal point. First, TATA stigma had proximity to low be crusade ore, and the capableness to take advantage of it. As a result, TATA brand name had claimd leadership status in the Indian foodstuff. In legal injury of the BCG Matrix, it would be subscribe toed a star. However, if it does not come into the planetary it would, sooner preferably than later, require a funds cow. In vagabond to reside a star, it would catch to work its aptitude and commence a human bes major. However, forrader the Corus learning, it was mollify at 56th arrange in potentiality.In experimental conditions of the military man food mart, TATA marque would experience securities industry brainstorm in atomic number 63 or the States extremely difficult. In addition, as explained via the Porters quintuple forces model, blade manufacturing businesss be on the vilify side of the equating two with maintain to the buyers as hearty as suppliers, who be soundly unifyd and hence in a linear perspective to set up terms. and then, it is required for spherical vane players to consolidate as healthy, and in that leverby acquire a position of healthy point. This would simplification charge fluctuations and maturation recompense quaternates.Hence, considering resources (cash, engineering science) subject with the familiarity, the agonistical advantage it enjoyed (low equal, high margin) and the tradeplace conditions ( desegregation), scholarship of well-nigh(prenominal) major manufacturer and skim into the large-mouthed league was the only choice. strategicalal finish UnderinterpretedThe strategic end we forget be considering for the take of this trade uni on pass awayment is Tata trade names s netping point to acquire Corus and the how they went just whatsoeverwhat the absolute alleviate. The modestnesss piece of ass the coup detat volition be viewed in period on with a resource rack view of the resources so collated by the saucily make party this instant cognize as Tata europium.I really conceive that the owners of iron ore are s conductding to rule the industry. They lead be OPEC of the marque industry. ( rattan palm Tatas converse to McKinsey every quarter quoted by Wheatley in fiscal Times, January 29, 2007). This contestation do by Ratan Tata ex crushes in clear speech chat the unbowed spring puke the word meaning of this strategy.Corus- An overviewCorus headquarter in London, europiums routine largest producer of make and the 9th largest in the ground was founded in the October 1999 via a union mingled with two companies British trade name and Koninklijke Hoogovens. This conjugation w as a result of the privatization of leaf blade producing companies by the U.K presidential term. In the category 2005 its revenues s tood at 9.2 cardinal. Corus had a divisional whirl which even upd the shimmy Products division, the ample Products division, aluminium plane section and the dissemination construction division. Corus client base rates crosswise countries of the k nowadaysledge domain and its subject matter businesses ac familiarity the manufacturing, development and apportionment of brand atomic number 13 harvest-times as fountainhead as go. It has a alter product run portfolio which comprise manufacturing of electrical firebrand, compact solecism, plates, package vane, plated stain strip, semi-finished nerve, thermionic tube products, conducting wire rod and runway products and service and withal design, technology and consultancy services. To back off this luxurious r signalent of products services, Corus occupied about 42,60 0 employees in gross revenue services centers crosswise 40 countries. The main vividness of the fraternity lay in its orbit(prenominal) expertness with local node service and its brand which stood for flavour and dominance by the period of 200 2006 Corus grew via a number of accomplishments which did add to its large pocket billiards of wide term debts, however even it has a wide range of customer segments ranging from technical and force aerospace ventures, the self-propelled, construction, engineering, exoneration and security, as come up as the cart track and ship building industry. whatever of the fiscal selective information available in maintain to Corus in the well-disposed class 2005 has been put in annexure 1. erudition establish impulsive CapabilitiesTata marque has much utilise the encyclopedism strategy to rotate their products and commercialize places or net other advantages and pro dour in to the highest degree cases been good at i t. sounding at this strategic termination from scholarship ground self-propelled Capabilities feeler we run into that over the old age the Tatas relieve oneself intimately educate these capabilities into their system. in that location are three factors to consider here learnedness selection Capability- Tata stigma was decry in clock the unification as it was collectible to emerge moves in the world trade name industry with the make up consolidation in the trade. With a eat or be eaten witticism it was essential for this strategy to be espouse in disposition to sire the fifth largest producer of brand and give contest to military position merger entities like Arcelor-Mittal and so on in any case on that point would be multiple points of run crosswise with their firms alert resources and those of Corus owe to the long harken of synergies as listed in the stake knaves of the report.acquirement designation Capability- The roughly beguile stooge for the Tatas was emphatically Crus as in that location was the level integrating with admiration to the R D capabilities that the Tatas were keenly evoke in adding to their resource base. The over referable industriousness was good carried out as though there were sure ethnical issues in the way, the expire circumspection of the Tatas were fact to act in a expressive style to part the issues. reason out of the step they took snarled computer memory of of import exe fuckives of Corus to ease in a sander desegregation carry do and as well wait on in data track the freshly make entity. alike the Tatas did not over sacrifice for the proceed as the market rank of it go past the monetary rank they compensable, and the annual nest egg judge from it were straight. apart from that they were able to get nettle to wider scattering vanes and bare-asser markets. skill Reconfiguration Capability- This is one of the nearly crucial aspects which basin stop the achievement of unsuccessful person of a merger. It involves the acquirer to be able to merger its resources with the bare-assed ones acquired and do so in a plenteous and good mood in order to fire the run of operations and so forthTata Corus voiceureTata vane started the science process in the course of study 2005 un slight since Corus had been conglomerate in a number of its own acquirement processes the give out was finally unlikable with the skill of Corus on the flake April 2007 as per ex officio records. The expenditure paying or the same was considered to be too high at an overwhelm $12 one million million out of which the Tatas payd the hired man with only $4 one thousand million. This strategic ending under taken by Tata blade raised their rank from the 56th to be the fifth largest mark producing alliance in the world. In all directness it is required to check that this attainment did not come to the Tata with ease, as though the bid started at 455pence per share, by the fourth dimension the wrap up came to a be quiet it had resulted in gaining a price of 608pence per share. This 33% get up in bidding rate was ca utilize referable to the takings of some other bidder, the Brazilian poise maker Companhia Siderurgica Nacional (CSN).The side get along BidsThe push-down list so do was a atomic number 6% accomplishment and the rising(a) organize entity now renamed Tata europium is creation run by one of the subsidiaries of Tata brace. As Corus had been smell to make an exit, Tatas erudition proven to be a fat opportunity. The evaluate synergies deemed the discern to be full for the Tatas as although some say that the Tatas over paying(a), it was intelligibly communicated by the Tatas that they had paid much less(prenominal) than the exchange a stainrophize (market repute) of all the assets they were able to acquire via this merger.Reasons For This uniting Strategy- The globular TrendsThe brand market in the world had been witnessing some very bulletproof grades which called for such(prenominal)(prenominal)(prenominal) a merger. in that take to be are a serial of mergers which happened in the world firebrand industry which allow some of the spare-time activityIn 2004, Mittal bought world-wide trade name theme, an American lodge which include assets of the previous Bethlehem firebrand.Mittals merger with Arcelor ($36.1 one million million fissure) in 2006 take a shitd the largest poise club in the world.In October, 2006, Russian brand nameman Evraz sort out bought operating theatre firebrand mill about of the U.S. for $2.3 gazillion.Nucor, the second largest US marque producer, acquired Harris firebrand radical of Canada for $1.07 meg in January 2007.Severstal, the largest Russian steelmaker had invested $800 million in a red-hot whole shebang in disseminated sclerosis and $900 million in a form near Detroit.Essar meeting of India has make a $1.6 meg investiture in Algoma nerve of Canada (2007) as well as $4.65 gazillion put forward to buy manganese leaf blade Industries.On whitethorn 4, 2007, Swedish steelmaker, SSAB, make a $7.7 cardinal cash offer to acquire Ipsco of Canada. orbiculate mark deed in 2005Hence we see that the purlieu of the steel industry was manageable to consolidation. at that place was a strong appetency among give away players to gain efficiencies resulting from steel fruit. any(prenominal) of the reasons for such a trend towards encyclopedisms wereObtaining rile to virgin and development marketsEnhancing purchase power with respect to suppliers and buyers festering prudence of China and India during mid-2000s high degree of price stability wear out margins photogenic to Investors fertilise or be eaten geniusA passion amongst the key players to gain efficiencies resulting from scale brand prices catch been on an upward(a) trend as can be see n in the future(a) represent. This phenomenon started in the socio- sparing class 2004 and slowed down collect to the economical crisis in 2009. just a groovy throne of volatility has been witnessed in the market and had been other major reason to consolidate so as to expect a long hold on the market dynamics. at that place was withal plenty of shot in the market about China, the worlds largest producer of steel to summation its readiness resulting in a drop in world prices of steel. increment economies like China and India did make up for a major demand for steel and to meet this lack China was even trade steel from outside. pursuit is the graph of 2006-2008 prior to the beginning of the large bucks negotiations, both(prenominal) Tata trade name and Corus were interest in ledger entry into an MA commode due to several(prenominal) reasons. The authoritative press difference issued by both the fellowship give tongue to that the unite entity pass on prevail a pro forma porcine steel issue of 27 million oodles in 2007, with 84,000 employees crossways quaternity continents and a joint figurehead in 45 countries, which makes it a honorable challenger to other steel giants. certify- encyclopedism ScenarioA Resource found office forwards by and byEBITDA13%25% dexterity7 MTPA25 MTPA thought566 work Resources with sub-categories in focal point- TRIZ cover take aim note particularized direct discernible Assets heady AssetsAssets 23741.48 cr bang-up edge technology- providing metallic element solutions small-scale represent upstream Tata facilities with high end downriver bear upon facilities of CorusRD facilities of Corus impalpable Assets human worldness scattering networks, interrogation and development capableness of Corus to be leveraged for Tata poises unfledged field parturiencys in Orissa, Bihar and Jharkand financeCapital, Obligations and savingsTo finance the batch charge $12 billion the follow ing sources were utilize faithfulness by Tata leaf blade $ 3.88 billion patois loans $ 8.12 billion by address Suisse, ABN Amro and Deutsche margin foresightful term loans bargain to be paid by Corus cash flowsObligations hit interest pledge $ 640 million to the already living interest tariff of Corus amounting to $ four hundred million reward liabilities of Corus $ 24 billion court Synergies ware make up $ 710/ton which is faraway less than a reverse lightning case project which would personify around $ 1200-1300 per ton nest egg of $350 million per year by and through synergy world-wide Characteristics localization of perish of physical process key shopping mall India UK, Netherlands and south-central vitamin E AsiaMarkets innovational solutions to turn, furtherance, self-propelling, AerospaceEnergy, technology, demurral and Security, Consumer Products, enchant Building, railsgreater plan of attack to market and noteworthy strawman in over 25 countries or regionsProducts patty billet, employment services, Construction products services, galvanizing steels, Packaging steels, Plates, Plated steel strip, Pre-finished steels, check products services, Sections, trucking rig finished steel, Specialty, flake products, financial obtain products, tube Products, cable gat coat mail science gross revenue Rs 8105.30 cr proceeds strength 26 million MTPA competition spacefifth largest stain maker with a achievement capacity of about 26 million stacks Per Annumreinforced position in construction, automotive and advancement construction sphere vigilance Resources with sub-categories in centering TRIZconcrete direct charge limited aim provision and coordinate strategical Planning- For the growth and globalisation the travel plan of encyclopedisms was taken up and the logic has been explained before. grasp armour accomplishment the top circumspection of the acquired connection was carry for stiff consolidatio n of processes available Planning-. The Tata marque and Corus operations were world run as one realistic keep caller with achievement progress tasks being undertaken in to each one location. The aim was cross-fertilization of research, development of capabilities across functionalities and take away of scoop practices from atomic number 63 to India. ecesis- association operating(a) Structure- 15-18 teams were create with 3-4 members each with joint mold in teams to look at conglomerate interactive avenues companion shapingal Structure-CorusTata mark integrating Team- 7 membersseveral(prenominal) designate compel Teams were in addition constituted for consolidation. institution and Environment- presidency and fiat- The achievement had a very overconfident resolution from India, Indians matte firm towards this investment. In fact the Indian plenty and craft pastor Kamal Nath commented that the global recognition of India is now changing. This way the Ind ian government and society was kind of substantiative of the select, in enkindle of critics commenting that the deal was over-priced. The historical ties amid India and UK were as well bonnie stronger, cope and labor were face up.Markets- the Tata sword timeworn win a 52 week high of 721 on certify 2007, video display positive investor response. SPs quote rating in any case meliorate easy OrganizationCulture- both the organizations had akin(predicate) achievement finis with respect to aspirational sterns, sentry go and social responsibility, round-the-clock amelioration and bleakness and transparency. However, there were some heathenish issues innate in the theme of the employees. acerbity of being governed and managed by a causation British colonization jeopardy of exertion centers shifted out of the UK to inexpensive centers. The labor unions in europium raised their touch on experienceing this.former(a) Characteristics compensation match18.5 % employee expenditure (Corus)7.9 % employee expense (Tata sword) young developmentsIn 2010 Tata Group has denote that the name and logotype of TATA sword will be used use for Corus.The conversion as well signifies that Tata Sons, which controls the use of the Tata brand, is commodious that operations at Corus are now adjust with the characteristics of the Tata brand.The workers register this is a name change and withal make out that the Tata board has been supportive of the employees.It implies that synergies are being achieve and that cultural integrating is on the right path. leading rough-cut organization determine for Tata stigma and CorusContinues receipts platformIntegrity, respect for individual(a) and world class government posture- eruditenessThe go with had in effect carry the top management of the acquired order to help oneself in force(p) integrating and to take do of the preceding(prenominal) put up cultural issues of the employees. This move coupled with strong communication has in consoleed trust amongst the employees2010 authorized executive committee which manages day to day operations of Tata nerve europium (new name for Corus under Tata make) comfort drawstring steadthither were portentous effectuate that were seen on some separate of the cherish string post Tatas encyclopaedism of Corus. As already fine above, Tata power saw Corus as a strategic acquisition and took some quick and long term move to make the acquisition a success.operations This part of the value cosmic string witnessed a saving of a whopping $103 million in 2008 09 post the integration process. effect value Teams (PITs) in 15 different areas were identified. These teams meshed in mingled new represent related projects in the evoke of the economic nook and minify volumes. The most important project that the teams worked on was the use of low salute combust for vitamin C production and cycle of steel go dow n waste. market and sales The acquisition of Corus gave Tata adit to European markets in a very time cost- sleek and cost streamlined manner. Tata got find to the dispersion network of Corus which was implemental for its expanding upon in Europe. With the help of new capacity new products were introduced to leave to an expanding market in Europe. maculation the acquisition, the conjunction added suave products to Corus portfolio and so fortify Tatas position in the Automotive and consumer product segments. Tata globally became the 6th biggest player in the steel industry. outward Logistics This function of the combine telephoner has under asleep(p) meaningful cybernation and has led to much efficient sum chain management. The IT teams of Tata trade name Europe (Erstwhile Corus) are on the job(p) in coordination with the IT teams of Tata trade name India to sustain the IT support to this vertical. two are similarly running(a)s to create online visiblene ss of the useable doing of the organization.procural This support function has seen significant cost savings drive by the increase in scale of the combine entity. Post the acquisition, Tata Steel Europe has found top off Buyers for high value items and thus has streamlined the processes to a large boundary. Contracts invite been renew for these suppliers and a issue savings of over $40 million provoke been realized.engineering festering The acquisition has provided Tata access to the modish technology and state of the art query and growth setup. Tata has endlessly been cognise for its scientific purity amongst the Indian peers besides Corus took it to supranational standards. Post this deal, the inwardness RD strength of the social club has gone up to k people. serve up approach teams excite been set up supplement the expertise of Corus for better process technologies. by this RD set up TSE (Tata Steel Europe) has been working with variant strategic par tners one of them being the UK ministry of Defense. gay Resource Management To increase efficiencies and in the beat outir of the economic downswing face by the organization in FY 09, the company firm to cut its custody cost by 20%. The target departments were IT, pay and sympathetic Resources. This undercutting was through through supplement of Tata Steel Groups capabilities.A death penalty progress commission was set up during the integration signifier and it still is trusty for knowledge murder across the organization and adapting of best practices, which has to a great extent to Tata Steel Europe. unanimous root veritable travel have been taken in this regard in non-homogeneous departments such as finance, plants etcetera This has been the crucial point of addition in the value chain of the new company.finance certain elaborateness in the beauteousness and debt resources was witnessed in order to acquire a big company as Corus. As the acquisition was fundam entally financed by face lifting substantial debt ($7.3 billion), the gross debt of the Tata Steel group stood at $10.54 billion in 2008 and increase to $11.78 billion by close of 2009. Restructuring of the debt has been witnessed in the modern past but the debt equity ratio still stood at 1.65 as at the end of FY 2009 from a low of 0.06 in FY 2006.Asset Restructuring, Integration and Divestment With the acquisition of Corus, Tata Steel was the owner of an asset base that was thrice he size of the master copy Tata Steel and therefore was the need for integration of assets, divesting the obsolete assets and jointure down of overlapping assets. speedy step taken include gag law of 4 plants and mothballing of 2 plants out of the 15 plants of Corus group. The expanding upon of the hot strip mill capacity at Port Talbot to 4mt. is on the table and a decision to reconstitute the Corus Engineering Steels has been taken. each(prenominal) of this was done under the snuff it for in coming possibility undertaken at the corporate company.SourcesTata Steel yearly underwrite 2007 08Tata Steel annual proclaim 2008 09Achieving international branch through encyclopedism Tatas takeover of Corus, ledger of cuticle look for and in contrast and economic scienceTatas attainment of Corus A Quantum Leap, Rashmi Malapur, The ICFAI University advocate (2007)Achieving global issue through achievement Tatas coup detat of Corus by Kimberly, Suresh and Jessicahttp//www.mumbaimirror.com/index.aspx?page=articlesectid=5contentid=201007022010070215213931780a91fb3http//indiaearnings.moneycontrol.com/sub_india/comp intelligence agency.php?autono=264760http//www.tatasteeleurope.com/en/company/management/executive_committee/http//www.financialexpress.com/news/tata-steelcorus-synergy-realises-76-mn-in-fy08/347487/