Indian corporates can do better globally: Ratan Tata

New Delhi, Feb 4: After clinching the Corus deal, an upbeat Tata Group Chairman Ratan Tata has said Indian corporates can do better than their present performance both in a global scale and nationally, if enforcement of violations are undertaken in an effective manner.

''I think we can do much more. From the corporate responsibility point of view this would be much more in focus if enforcement of violation were undertaken in an effective manner,'' Mr Tata told CNN-IBN in an exclusive interview.

Commenting on certain segments of the industrial community he said, ''There is always a view amongst some segments of the industrial community that they are above the law and they can manage the environment.'' Indicating that even post-license raj, businessmen in India still believe that they can cut corners in getting ahead and influencing politicians. ''Yes, it is still there and if enforcement was stricter and more uniformed then I think India can become a better place,'' he said.

In a close bidding battle, Tata Steel acquired the Anglo-Dutch steel major Corus for 12.1 billion dollars. The competitor CSN pulled out of the race after a final offer of 603 pence a share.

Explaining the situation, the Tata Group supremo said he would have never put shareholders of Tata Steel at risk while bidding for Corus, despite paying a price higher than what was originally planned.

''I don't consider that I have overbid for Corus. We have paid more that what we initially wanted to pay -- that we offered in October. And that would have been the price at which we took Corus,'' Mr Tata said.

''At that time we had a competitor who came in and between him and hedge funds the price of Corus went up. It never reached a level where we thought it would be a jeopardy to our shareholders to take it. And if we had reached such limit, we would not have taken,'' Mr Tata said.

Strongly denying that he is a gambler and that the acquisition of Corus was made in a rush Mr Tata said, ''I am not a gambler. We had a limit that we all agreed to. We tacitly decided that we would walk away if that limit was reached. And we never reached it.'' He, however, admitted that the fall of share price of Tata Steel after acquiring Corus continues to bother him. ''Yes, it did bother me and it bothers me even now because our share is being battered.'' The steel baron was hopeful that the situation will improve soon.

''I believe that this is a short term and a harsh view has been taken. And as I said, I hope that out in time we can look back and say we did the right thing,'' Mr Tata said.

UNI