Jamshedpur, the Steel City?

ADRIAN DENNIS/AFP/Getty After weeks of haggling and speculation, Tata Steel has finally won its bid to become the fifth largest steelmaker in the world. For $12 billion, the Indian firm beat out a Brazilian rival to acquire Corus, the Anglo-Dutch steel company. Tata Steel’s capacity will triple as a result of the deal, the latest in ...

ADRIAN DENNIS/AFP/Getty

ADRIAN DENNIS/AFP/Getty

After weeks of haggling and speculation, Tata Steel has finally won its bid to become the fifth largest steelmaker in the world. For $12 billion, the Indian firm beat out a Brazilian rival to acquire Corus, the Anglo-Dutch steel company. Tata Steel’s capacity will triple as a result of the deal, the latest in a string of major foreign acquisitions by the steelmaker over the last few years.

Tata’s acquisition of Corus epitomizes the new, “aggressive” face of Indian business that’s being championed by the Indian government. This Indian business confidence was also demonstrated last year when Mittal Steel finally acquired its rival, Arcelor, to create the world’s largest steelmaker.

The global success of India’s steel giants lends weight to Antoine van Agtmael’s argument in the Jan/Feb 2007 issue of FP:

Superior execution and an obsession with quality are now hallmarks of virtually all of the world-class companies based in emerging markets. That has helped feed a mind-set in which emerging multinationals are no longer content with being viewed as leading Chinese, Korean, Mexican, or Taiwanese companies. They aspire to be global, and this aspiration is rapidly becoming a reality.

You can add “Indian” to that list.

Prerna Mankad is a researcher at Foreign Policy.

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