Indian industry hails Tata-Corus deal

New Delhi, Oct 20 (UNI) Hailing the Tata-Corus deal, Confederation of Indian Industry (CII) and Associated Chambers of Commerce (Assocham) said that it is a sign of a ''confident India Inc'' being recognised as a very ''significant global economic player''.

''Indian companies have displayed the right balance of ambition and confidence in recent times. And in times to come, this trend would become the rule rather than an exception. They are globalising consistently and sensitively,'' CII President R Seshasayee said.

The Tata-Corus deal signified the coming of age of Indian steel industry, which was at the beginning of consolidation last year.

This is a pre-cursor of what we can expect over the next 3-4 years, CII Past President Sunil Kant Munjal said.

The Assocham President Anil K Agarwal said, ''The takeover will indeed enhance image and prestige of Indian corporates overseas particularly the manner and grace with which the deal has been struck.'' Assocham Chief added that by 2010, India will be successfully creating over 250 MNCs which will send strong signals all over.

In view of Assocham, Mr Agarwal said, Corporate India in due course of time will emerge as a leading player in global takeover as some of its sectors like that of pharma had already created a brand image for India as far as takeover and mergers are concerned.

In an age of vertical and horizontal expansion and takeover, India has made a name for itself and particularly at a time when global integration is getting intensified corporate houses like that of Tata's will bring in credible credit to India, he said.

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