Mistry says Tata's $12 bln Corus purchase made despite doubts by some board members

Last Updated: Tue, Nov 22, 2016 18:29 hrs
Tata Group Chairman Mistry speaks to shareholders during TCS annual general meeting in Mumbai

New Delhi: Ratan Tata's decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday.

Mistry, who was last month ousted as chairman of Tata Sons, the holding firm for the $100 billion steel-to-software Tata empire, said in a statement that this decision made it harder to invest in the acquired assets and placed jobs at risk.

In the statement Mistry also defended his involvement in growing the revenues and profits at two key group companies, Tata Consultancy Services and Tata Motors, that make up the bulk of Tata's $100 billion revenues.



More from Sify: