The government on Wednesday welcomed the acquisition of Anglo-Dutch steel major Corus by the Tata Group saying, "Ratan Tata has made the nation proud" and indicated revising the 110 million tonne steel production target by 2020.
"It is the nation's pride. Entire steel industry should be proud of Ratan Tata," Union Steel Minister Ram Vilas Paswan told PTI adding that ever since the United Progressive Alliance government came to power the steel industry has been booming.
The minister said with over 19 million tonne capacity adding to Tata's kitty the production target of 110 million tonnes by 2020 may be revised upward.
Asked about the valuation of the company to be paid by the Tatas at over $11 billion, Paswan said, "steel is decontrolled and the government has no role in it. This is between two players."
"I have seen the Corus steel plant. It is one of the best plants, I am happy that an Indian private company has a vision to go for such large scale acquisition," he said adding the acquisition would make Tata Steel world's fifth largest steel producer and this is a matter of pride for the country.