Tata Steel completes £6.2 billion acquisition of Corus Group
April 3, 2007

Tata Steel on April 2, 2007 completed its £6.2 billion (US$12 billion) acquisition of Corus Group at a price of 608 pence per ordinary share in cash. The enlarged company will have a pro forma crude steel production of 27 million tonnes in 2007 and will be the world's fifth largest steel producer with 84,000 employees across
four continents.

The combination of Tata Steel, a vertically integrated steel producer and one of the world's most profitable steel companies, with an established and growing presence in India, South East Asia and the Pacific-rim countries, and Corus, Europe's second largest steel producer, with a high value added product range and strong positions in automotive, construction and packaging, will create the world's second most global steel producer with a combined presence in 45 countries.

Commenting on the completion, Chairman of the Tata Group and Chairman, Tata Steel and Corus, Ratan Tata said: "The completion of this acquisition of Corus by Tata Steel is a major step forward in the company's global strategy and represents an exciting future for both businesses. I firmly believe that both Tata Steel and Corus, two companies with long, proud histories, share a common business culture and a global vision for the business."

He added that Corus' top management will remain with the enlarged Group and the bringing together of both management teams is an expression of the strong confidence and trust that exists between the two organisations, which will ensure the successful integration of the combined business. "Together we are a well balanced company, strategically well placed to compete at the leading edge of a rapidly changing global steel industry."

Corus' retiring chairman Jim Leng said: "Corus had twin objectives from the outset. One was to secure the best value for our shareholders and the other was to ensure the best strategic future for the business. With Tata Steel, we have delivered both and the directors, senior management and other employees of Corus will see today as the beginning of an exciting new era. The Corus and Tata Steel combination will enable us to build on complementary skills in global markets. I am very much looking forward to working with Mr. Ratan Tata and the Boards and directors in both companies."

The completion of the transaction is pursuant to the scheme of arrangement of the Tata Steel scheme being declared effective by the High Court of Justice in England and Wales on April 2, 2007. Tata Steel had announced on February 7, 2007 that it intends to despatch the consideration pursuant to the scheme as soon as practicable following the effective date and, if practicable, on the effective date. Tata Steel is, under the terms of the scheme, required to despatch the consideration pursuant to the scheme not more than 14 days after the effective date.