Funding for Corus not a big deal for Tatas: SBI Chairman

New Delhi, Jan 9: State Bank of India Chairman O P Bhatt today said funds raising for the acquisition of Anglo-Dutch steel maker Corus is not a big issue for the Tatas.

''Considering the credit rating and the reputation of the Tatas, many of the country's banks are coming to make funds available for the takeover,'' Mr Bhatt said while addressing a session on 'How to get 1.5 trillion dollars of Capital Investment: The Resource Hurdle for Development' at the Pravasi Bharatiya Divas 2007, which comes to a close today.

The country's largest commercial bank has already confirmed that it is also in fray to fund the eight billion dollar Tata-Corus deal.

The bank's overseas presence will help in arranging international deals.

The fate of the Tatas' battle against Brazilian steelmaker Companhia Siderurgica Nacional (CSN) to form the world's fifth largest steel company will be decided after January 30, last date for the two bidders to come out with revised bids.

The current CSN bid is 9.6 billion dollars (4.9 billion pounds) valuing each share of Corus at 515 pence, beating the 500 pence a share offer from Tata Steel.

Mr Bhatt reiterated Finance Minister P Chidamabaram's view, who spoke earlier at the conference, that raising 1.5 trillion dollars investment in five years is not impossible.

''The current capital investment per year stands at 240-250 billion dollars a year. The aim to raise 1.5 trillion dollars investment a year is not an issue,'' Mr Bhatt said.

UNI