Tata Steel plans foreign listing
Jamshedpur: Tata Steel is planning a listing on one of the overseas bourses. Tata Steel chairman Ratan Tata said Tata Steel is planning to list in an overseas market but did not mention the specific bourse where the steel major plans to be listed.

Corus plc will become an unlisted company soon after Tata Steel takes it over by the first week of April through its 100 pc subsidiary, Tata Steel UK. Also, an "integration committee" acting as a "shadow board", with members taken from both Corus plc and Tata Steel, is to run the two entities as a single one thereafter.

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 pc stake it already has in a Queensland-based coal company.

While Corus would continue to be managed largely by the present management, an "integration committee" 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 "a shadow board" for the two companies which would be managed "as a virtual single company".

The Corus board would be recast with some Tata Steel officials, and simultaneously, some Corus directors would serve on the Tata Steel.
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