19 September, 2020

No Steel Fortress

After Arcelor, will Tata Steel fall prey to NRI claws?

R. Prasad
No Steel Fortress
outlookindia.com
-0001-11-30T00:00:00+05:53
With Caution
  • Ratan Tata feels the ideal promoters’ stakes in group firms should be 51% each
  • Predators like L.N. Mittal are on the prowl to take over firms in India and China
  • Ratan Tata may still wish to have a say in group matters after his retirement in 2007
  • In 2000, the group had decided to untangle its complex crossholdings
  • Higher promoters’ stakes may enhance shareholders’ value
The repercussions of the mega merger between two of the world’s largest steel companies were felt as far as India. Just a few days after the birth of Arcelor-Mittal this year, India’s largest private steelmaker, Tata Steel, too made an announcement. Tata Sons, the holding company for most of the Tata group firms, declared its intention to increase promoters’ stake in Tata Steel. Everyone was sure that the move was prompted by the emergence of a new predator on the global arena—the London-based NRI billionaire, L.N. Mittal, whose unending and cold aggression was...
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