Tata Steel, which will complete a century of its incorporation later this month, is among the fastest growing steel companies in the world and well on its way to becoming a force in the global industry, according to managing director B Muthuraman.
”Our overseas acquisitions, investments in international mineral resources, and brownfield and greenfield expansions in India make us one of the fastest growing steel companies anywhere in the world,” said Muthuraman, while addressing company officials here on the 60th Independence Day.
Tata Steel, he said, was well on its way to become ”a relevant force in the global steel industry”, adding that the steel major has, during the last decade or so, rejuvenated itself.
Acknowledging that Tata Steel today is the sixth largest producer in the world, the MD said: ”Size alone is not our ambition, our ambition is to become the best steel company in the world in terms of products & services, competitiveness, quality, reach and in continuing to be an exemplary corporate citizen, which we have always been.”
Tata Steel, the brainchild of Jamsetji Nusserwanji Tata, was incorporated on August 26, 1907.
”No other industrial enterprise in the world has started off with a more inclusive philosophy than Tata Steel,” said Muthuraman.
”India is on the verge of becoming a developed nation. May be we need 25 to 30 years or even more, but we are certainly on the path of economic prosperity ever since economic liberalisation was announced 16 years ago,” he said.
Muthuraman said while some may complain that economic growth is ‘too slow’, the country has, on the whole, done well if one considers that managing democracy and growth simultaneously is an extremely challenging task.