Tata welcomes Mittal's Indian foray, offers help

NEW DELHI: Having created an upheaval in the minds of domestic steel players by announcing India as his focus for expansion, steel tycoon L N Mittal on Friday wondered as to why Tatas should feel vulnerable to takeovers.

On the other hand, Tata group supremo Ratan Tata, who had earlier this week announced that the group would increase stake in Tata Steel to prevent hostile takeovers, told reporters that the "market is big enough for everybody".

"Why TISCO should be vulnerable... it is news to me," Mittal wondered aloud when asked about Tata group's decision to increase stake in the steel venture as a deterrent against takeovers.

Tata, as the Chairman of the Investment Commission, also offered to help resolve any problem faced by Mittal for his investment plans in India.

Addressing reporters along with Finance Minister P Chidambaram on the Investment Commission's recommendations, Tata said: "If Mittal does have a problem, which he thinks we can help resolve, we will be very happy to resolve it as we have done in case of Posco (the Korean steel giant who has announced a Rs 52,000 crore investment in Orissa)."

Responding promptly to the offer of help from both Tata and Chidambaram, whom he met this evening, Mittal said: "Any help is welcome."

Tata group's announcement on increasing stake in Tata Steel came barely two days before the India visit of Mittal, who launched a hostile takeover bid for Arcelor in January and successfully acquired it last month.