Tata Steel plans foreign listing

8220;I think we should be the owners of the Corus stock sometime in April if Corus shareholders pass our deal at the EGM to be held on Wednesday March 7,8221; said Tata. While Corus would continue to be managed largely by the present management, an 8220;integration committee8221; to be chaired by Tata with managing director B Muthuraman and other Tata Steel and Corus plc officials as its members has been created to operate almost like 8220;a shadow board8221; for the two companies which would be managed 8220;as a virtual single company8221;.

The Corus board would be recast with some Tata Steel officials, and simultaneously, some Corus directors would serve on the Tata Steel. According to Muthuraman, Tata8217;s financing structure of the Corus buyout, which is to be in a 40:60 equity to debt ratio, would be in place 8220;sometime in the next couple of weeks8221;.

8220;Sending slabs from India to UK is not the only synergy we are talking about; what we would like to ensure is that all other synergies like in manufacturing, sharing best practices, R038;D, joint marketing, etc, are put in place,8221; said Muthuraman, adding that a joint team of both the companies have worked out the potential synergies for the next two-three years, which is expected to lead to savings of around 350 million. Tata Steel is also looking at buying into or partnering companies holding sources of iron ore and coal around the world. It is examining a proposal to buy into an Australian coalmine apart from the 5 stake it already has in a Queensland-based coal company.