Ratan Tata Speaks His Mind

New Delhi, Delhi, India

SINGUR CONTROVERSY:
RATAN TATA: Singur has got caught in a political quagmire
RATAN TATA: It's not just politics, but also my competitors who are fuelling trouble in West Bengal
RATAN TATA: No question of pulling out of Singur

CORUS TAKEOVER:
RATAN TATA: Corus takeover not an ego issue and not an issue of winning
RATAN TATA: A limit to which one might consider the enterprise value to be
RATAN TATA: The bidding war is unfortunate
RATAN TATA: We have to set a price that makes strategic sense

WHO AFTER TATA?
RATAN TATA: Successor will be announced a year before I retire
RATAN TATA: Successor does not necessarily have to be from the family

In a freewheeling interview with NDTV 24x7 to be telecast on Saturday at 10 p.m, Ratan Tata says his group will not pull out of the Singur project, despite the growing political controversy. Tata, who has been voted NDTV's Indian of the year, said the proposed Tata Motors project had clearly got caught up in "a political quagmire."

But, in a statement that will create ripples in the world of business, Mr. Tata also blamed his competitors, whom he did not name specifically. "Let me just say, this is not just political. I happen to know that some of our competitors are also fuelling some of this fire and would be very happy if the project got delayed." Tata told NDTV.

Asked whether the Tatas were apprehensive about the growing controversy and would consider moving the project to another state, Mr. Tata said his group would not surrender to political pressure. "No, if I believed that we are doing something wrong, then I would be the first one to pull out. If I believe, that this is being manipulated and turned around to meet some specious cause, then I think, what I would do is to dig my heels in…I'm the sort of person who if you put a gun to my head, you can pull the trigger or take the gun away, but I won't move my head."

On the Tatas' takeover bid of British steel company Corus, Ratan Tata described the bidding war with the Brazilian company CSN as "unfortunate". Asked whether the Tatas would be willing to bid higher than they have already, Ratan Tata did not answer directly, but said "there is a limit to which one might consider the enterprise value to be". He made it clear that the Tatas could only set a price level that made "strategic sense and doesn't endanger or jeopardise the strength and health of our own shareholders."

When NDTV asked Ratan Tata how far he was willing to go to ensure that the takeover was successful, he said, "first of all it's not an ego issue and it's not an issue of winning. It's not an issue of being the 5th largest steel company either…What drove me and Tata Steel to look at the acquisition was that strategically and in terms of synergy, we had an opportunity unequalled."

On who would succeed Ratan Tata, in 2012, he said "…(the) successor would be named probably, a year before I retire," and did not necessarily have to be someone from within the family. Asked to comment on the speculation that Noel Tata was the chosen successor and whether his successor would have to be someone with a Tata surname, he said, "It doesn't have to be. I am not saying he is or is not. I don't think the choice will necessarily be confined to that."

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(Please ensure that NDTV 24x7 is duly credited by name, if any portion of this press release is used)

Manisha Natarajan, NDTV, +91 (011) 4157 7777 manishan@ndtv.com

Abhishek Mahapatra, Comma Consulting, +91 (011) 41354415/ +91 9811667727 amahapatra@comma.in

Source: NDTV (Business Wire India)

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