Ratan Tata hailed as saviour
Tata Sons interim chairman Ratan Tata was hailed as the saviour of the UK steel industry after the Tata Group announced a 10-year commitment of one billion pounds investment to save thousands of jobs for its embattled steelworks in the country last week. In a special feature titled ‘Man of Steel’, the Sunday Times attributes the thousands of jobs saved in the industry largely to the sacking of Cyrus Mistry and Ratan Tata stepping in as interim chairman.
“Last week’s abrupt change of heart owes much to a terse board meeting in Mumbai on October 24. At that meeting the board of Tata Sons, the parent company that sits astride an empire spanning steel to tea, sacked its chairman Cyrus Mistry and reinstated his predecessor Ratan Tata,” the report said.
Describing Ratan Tata as the “architect” of the 6.1-billion-pound acquisition of Corus in 2007, it quotes insiders as saying that the 78-year-old tycoon was never comfortable with the idea of abandoning Tata Steel’s Welsh plant at Port Talbot – the UK’s largest steelworks.