Glory days

Sir — It is often said that history is a great leveller. The buying out of Corus Steel by the Tata group is a great balancing act of history (“Corus captured, magnificent march to No 5”, Feb 1). As one who is involved with the Indian steel industry, if only for livelihood, I remember the awe with which we used to refer to British Steel for the best industry practices it stood for. The Durgapur Steel Plant, established with the help of Britain under the Colombo Plan, was often cited as an example of an industrially developed Western power coming to its former colony to industrialize. Being closely associated with the DSP, I have heard anecdotes about the rough and tumble of Lancashire steel technicians in the Iscon club at Durgapur, which was barred for the junior Indian executives of the steel plant.

Much of the bad industrial culture prevalent in DSP in those days was attributed to the standoffish attitude of the British executives who were at the helm of affairs at that time. They were a much-harried lot, who could not understand their Indian staff, their indiscipline (as perceived by them), and the internecine rivalry of local trade-union leaders. Port Talbot, Teeside and Yorkshire were magical names uttered with awe. Now, when B. Muthuraman, the managing director of Tata steel, talks about the need for competitiveness in some of these places, it falls like sweet music to our ears. Congratulations to Tata Steel for making it happen.

Yours faithfully,
P.T. Rajan, Durgapur

Sir — Ratan Tata should be congratulated for winning the bid on the British steel giant, Corus. This is a significant moment in the history of India. Tata Steel is now a big player in the world steel market, the first Indian company, in the true sense (since the Mittals have no real base in India), to achieve this. The results of the takeover will follow and the future will show how successful this move has been, but for the moment, let us rejoice for Tata and wish him luck — with Corus as well as with the small car project in Singur.

Yours faithfully,
Bapi Ghosh, Ranchi

Sir — Ratan Tata’s successful bid on Corus is indeed great news for a resurgent India. A couple of months’ ago, it was L.N. Mittal who caused an upheaval in the market, and now it is Tata’s turn. The Tata group is soon going to become a major contender among the global producers of steel. Further, Tata will supply semi-finished steel from its own plant in India, in turn, enhancing its capacity in the domestic market. Moreover, it is also expected that Tata will infuse modern management values and enhance the operating ability of Corus. This expectation springs from the fact that one of the important aspects of the deal has been the trust put in the capabilities of Indian management. The fact that banks have been willing to finance the deal indicates the huge credibility Indian management has acquired.

Yours faithfully,
Sohail Md., Calcutta

Sir — India Inc. added yet another feather to its illustrious cap with Tata Steel’s acquisition of Corus. The deal assumes special significance because Tata Steel was pitted against CSN. CSN had an unfair advantage, as it could supply low-cost and high-quality iron ore from the Casa de Pedra mines. The deal was loaded in favour of CSN, which was projected as the stronger contender. But hats off to the Tata group for ‘stealing’ the deal.

Yours faithfully,
Rajesh Das, Dhenkanal, Orissa

Sir — It was thrilling to read “Towering Tata” (Feb 1). India’s growth is now on record and not just a ‘story’. The Tatas now have the bigger task of ensuring that they are able to make sustained profit out of these investments. One expects that with his long experience, insight and intelligence, Ratan Tata will be able to lead his company to success.

Yours faithfully,
Avinash Gupta, Hooghly

Sir — The acquisition of Corus by Tata Steel is encouraging for Indian business. India has finally arrived in Europe — and the world — with this investment venture. That the finance minister, P. Chidambaram, voluntarily came forward with the assurance of helping the Tatas is also good news. Hopefully, the Tatas’ small-car project in Singur will be a success, with the cooperation of the Central and the state governments. Mamata Banerjee should stop her agitation against Tata. The Singur project, after all, will only benefit the people of West Bengal.

Yours faithfully,
K.R. Prem Kumar, Jamshedpur

Sir — Tata Steel’s unprecedented move from 56 to 5 in the world-ranking of steelmakers is indeed startling. The purchase of 199,955,952 shares of Corus at 608 pence a share, would put India alongside the world’s leading industrial countries. This successful venture of Ratan Tata, and Shilpa Shetty’s triumph at the Celebrity Big Brother, may help change the way the West perceives India.

Yours faithfully,
Moli Bhowmick, Calcutta

Sir — Tata’s acquisition of Corus may gladden many hearts, but I honestly feel that had the money been invested in India it would surely have made an impact on our economy.

Yours faithfully,
Asoke C. Banerjee, Calcutta