August 23, 2008

Tata Makes Top 500 Rich List

The pounds6.2-billion takeover of the Scunthorpe steelworks and the rest of the Corus business has proven to be the buy of the century for the new Indian owners.

Tata Steel has made it into the list of the world's wealthiest companies for the first time in its 101-year history.

The maiden entry at number 315 in the list of Global 500 companies released by the Fortune magazine comes after the Mumbai- based steelmaker announced its yearly profit had almost trebled to pounds1.46-billion.

Profits for the quarter ending June 30 were also up by 21.78 per cent.

But the latest results do not include the consolidated performance of Corus which is due to be announced next month.

The Fortune Global 500 list ranks the world's largest companies in terms of gross revenues, with the US-owned retail giants Wal- Mart Stores currently holding down the number one spot.

Tata Steel is the flagship of the Tata Group's 98 operating companies in seven business sectors and is the world's fifth largest steelmaker in terms of revenue.

In line with its new status the company has recently floated a global holding company by bringing all its overseas assets including Corus under its fold.

For more, buy today's Scunthorpe Telegraph.

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