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Chidambaram delighted; `Govt ready to help'

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MR P. CHIDAMBARAM
MR P. CHIDAMBARAM

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New DelhiJan 31The Finance Minister, Mr P. Chidambaram, said on Wednesday that the Government would be ready to "help" the Tata Group in completing the acquisition transaction for Anglo-Dutch steel-maker Corus.

"We are happy that Tatas have emerged as the successful bidder. Government of course will be ready to help Tatas, if they have any request, to complete the Corus transaction," Mr Chidambaram told reporters when asked to react on Tata Steel's winning bid.

Asked if this would mean financial assistance from the Government, Mr Chidambaram maintained that it would only be "general help" in the nature of facilitating "clearances or approvals or permissions" within the country.

He termed Tata Steel's success in the bid for Corus as another example of the newfound confidence of Indian industry to go further than what one would have expected a few years ago.

"Indian industry today has confidence to bid for businesses abroad, raise resources to purchase those enterprises and manage those enterprises in foreign countries," he said.

The Finance Minister also said that he was not aware on how the deal would be structured financially.

"It's a good example of an aggressive forward-looking business acquiring business abroad," he said.

(This article was published in the Business Line print edition dated February 1, 2007)
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