Corus acquisition marks the emergence of India a global investor: Nath
By Our Corporate Bureau | 31 Jan 2007
Commerce and industry minister Kamal Nath today said Tata's acquisition of Corus proves the emergence of India as a major global investor, even while the country continued being an attractive FDI destination.
"Now it is a two-way street. India is not only seeking foreign investment, it is a foreign investor itself." Nath said.
He said that many the inhibitions about India have gone because people look at the country with respect. He said consolidation in the industry was an important step in global competitiveness.
Corporate deals should always be determined by business forces taking into account the best corporate practices, Nath said, adding that the governments should not have much role in these business deals. He has championed cross border merger and acquisitions by Indian businesses including the Arcelor-Mittal and Vodafone deals.