Mumbai: Tata Steel and Corus will set up an integration committee to oversee the merger of the two, after which the Anglo-Dutch firm would be delisted, Tata Sons chairman Ratan Tata said.

Post integration, both Tata Steel and Corus would virtually be a single company, he said.

"Tata Steel is not at the present moment planning a listing in an overseas market. I think in terms of the present schedule, we should be the owners of Corus stock sometime in early April if the shareholders pass or accept our bid in a meeting that is schedule to take place next Wednesday," he said.

Speaking on the sidelines of the centenary celebrations of Tata Steel, Tata said the committee would be formed soon and would comprise representatives of both Corus and Tata Steel.

Ratan Tata and Corus chairman James Leng were in Jamshedpur to mark the Founder''s Day celebration of Tata Steel.

Speaking at the centenary celebrations of Tata Steel, managing director B Muthuraman also said Corus would be delisted from April this year.

"Corus will be an unlisted company. It will be a company, which will be held by one of Tata Steel''s subsidiaries on a 100-per cent basis. So it will become an unlisted company from that time onwards, which is the first week of April," Muthuraman added.

Tata also said, "The acquisition of Corus is unique in the sense that it is a company that has a scale of 19 million tonnes currently; has a presence in Europe with a brand name and more importantly, a shared value system between the managements. "We have always had a view that we will not engage in a hostile takeover. In the case of Corus, the offer we made to the Corus management was the offer that was contingent on the board and the management was unanimously supporting our bid and recommending this to the shareholders. So this is a joining of hands in mutual concept and therefore it was attractive to us.

"It has elevated us to be the fifth largest company, that''s secondary. What we wanted to do is to synergistically grow our company to global scale," he noted.

"We paid a higher price than we had expected. We did not reach the level of cut-off that we had internally set ourselves. But it is still within the realm of a price that we believe we can justify and looking back in time will be a union which we believe that history will say that we did the right thing even though at that time it seems high price," said Tata.

"I think the celebration, if any, ought to come when we prove to our critics that we achieve this without hurting the stakeholders of Tata Steel in anyway, but enhancing great value to them in the course of time," added Tata.

Muthuraman pointed out that the merger was based on synergies between Tata Steel and Corus.

"What we would like to do is to ensure that all other synergies are extracted and maximised as quickly as possible and there are synergies in manufacturing, in search and development and in marketing area."

"In fact, the Corus team and ourselves have sat together and have worked out the synergies that we would be able to create over two – three years time and the figure of $350 million I mentioned in the last conference came out of that," he added.