Indian oligarchs refuses job guarantee to UK citizens - No guarantee over jobs in Corus: Tata
Nithu Rajan
Feb. 3, 2007

The issue is not settled yet. But Indian oligarch Tata is sounding like the new King of England. This kind of problem happens when some one bids high and then realizes what a great mistake he did! Its called gambler's high!

Acknowledging that the company had paid "very close" to its top price for Corus, Tata group chairman Ratan Tata has said the company could not give any guarantee over safety of jobs as it plans will be to make the UK operations more profitable.

The company had so far done only "paper" due diligence on Corus and had yet to examine the steelmaker's plants in detail, Tata told the Financial Times in an interview in Mumbai.

For this reason, Tata said he could not give any guarantee on job cuts. "I would not even attempt to do so because it would be wrong of me to give those assurances or to deny that that was so". "But I would say that we are not a company that would first look at jobs," he added.

Tata's comments come after Britain's largest steel trade Union, community, demanded a meeting with the tycoon seeking assurances he will remain committed to expanding Corus after his successful bid.

He said the company would apply to Corus the lessons it had learnt from upgrading its 100-year-old Indian plant, which it has transformed into one of the steel industry's highest-margin producers.

"Our plan would be to try to make the UK operations more profitable," he said.

Tata said if the company had lost the Corus bid, its disappointment would have gone beyond the group and it would have been an issue of great disappointment in India.

Indian oligarchs refuses job guarantee to UK citizens - No guarantee over jobs in Corus: Tata
Nithu Rajan
The issue is not settled yet. But Indian oligarch Tata is sounding like the new King of England. This kind of problem happens when some one bids high and then realizes what a great mistake he did! Its called gambler's high!
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