Tata board was divided over $12-billion Corus deal: ousted chairman

Tue Nov 22, 2016 8:11am EST
 
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NEW DELHI (Reuters) - 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 TCS.NS and Tata Motors (TAMO.NS: Quote), that make up the bulk of Tata's $100 billion revenues.

(Reporting by Aditi Shah; Editing by Douglas Busvine)

 
Cyrus Mistry, chairman of Tata Group, smiles during the Tata Consultancy Services Ltd. (TCS) annual general meeting in Mumbai June 27, 2014. REUTERS/Stringer