Indian industry can step outside the national shores now, says Ratan

Mumbai, Jan 31 (UNI) Tata Group Chairman Ratan Tata today said that with his company winning the prestigious Corus deal, the Indian industry can step outside the national shores and prove itself as a global player.

Briefing the media here after winning the bidding for the deal, he said people had termed his plan to bid for Corus, larger than the Tata Group's steel arm, as ''audacious''.

''We finally could make it thanks to our prudent management,'' he said adding ''even though it cost a big premium for me, still it was worth it.'' Tata Steel is all set to become the world's fifth largest steel firm after winning the Corus deal which finally turned out to be battle royale.

India's biggest ever foreign takeover, the deal has set a new landmark for the Indian companies aspiring takeovers on the foreign soil in future.

The repurcussion of the historic deal was heard very much during the media briefing of the RBI Governor Dr Y V Reddy, too.

Replying to a media query on his reaction over the deal he said ''It shows the strong signs of the competitiveness level of the Indian companies.'' However, he cautioned ''You should look at possible risks too.'' He said that Indian industry, so far, didn't have the advantge of scale and the Tata-Corus deal has just proved the confidence the Indian corporate has got today.

Welcoming the Centre's decision of awarding flexibility to the RBI in SLR and CRR, he said ''Flexibility is to be used contextually.'' UNI