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Chandrasekaran defends Corus Steel acquisition

Mumbai, Aug 8 (IANS) Defending the acquisition of Corus Steel in Britain, Tata Steel Chairman N. Chandrasekaran on Tuesday said all allegations were “incorrect” as this decision was part of the long-term strategies to grow through international acquisitions.

“During this period, certain specific issues relating to acquisition of Corus were raised. It is now evident that such allegations were incorrect,” he said addressing the 110th Annual General Meeting.

He said the company had faced challenges in the second-half of the last financial year, due to leadership change at Tata Sons.

Tata Sons’s sacked Chairman Cyrus Mistry had raised issues regarding acquisition of Corus.

Chandrasekaran said the international growth strategy comprised focus on accessing new markets, sourcing raw materials, enhancing the technology capability and developing high-end premium products.

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