Advertisements

A Promise Is A Promise


wealthymattersCredit Suisse had offered Tatas a financing package that helped it aggressively outbid its Brazilian rival for Corus Steel in the UK. Once the deal was done, two other MNC banks approached the company’s top brass with a more comfortable funding plan involving cost savings of about $400 million. As Tata Steel weighed in favour of the new funding option, Credit Suisse fetched up with a letter from the Tatas showing its commitment to $120 million in fees whether or not the financing was availed from it.Bombay House top brass was left fuming that a bank had the temerity to place a demand on them. But when the matter was taken up to the then group chairman Ratan Tata, his decision was simple: There was a commitment made to Credit Suisse which must be honoured. Having paid the European bank, Tata Steel went ahead with the cheaper financing option.

Advertisements

Tata Style Philanthropy


wealthymatters.com

Here is something I found while surfing today.I found it here http://trak.in/tags/business/2007/06/26/this-is-what-lakshmi-mittal-has-to-say-about-his-competitor/ .The blogger believes the words originate from LN Mittal.In which case it would be high praise indeed for the Tatas from a competitor.Even if the note is authored by someone else it doesn’t detract from the fact that Tata Style Philanthropy is worthy of respect and well worth emulating.The picture above shows Jamshedpur.

“Most of us know Lakshmi Mittal to be the richest person in United Kingdom. We also know him as a Steel Industry Baron who took over Arcelor against all odds. However, more than money and business, he is a great human being and never fails to give credit where it is due, even if it means his own biggest rival.

Here is a note written by Lakshmi Mittal after his recent visit to TISCO: (It is long, but well worth the read)

‘I visited Jamshedpur over the weekend to see for myself an India that is fast disappearing despite all the wolf-cries of people like Narayanamurthy (mentor of Infosys) and his ilk. It is one thing to talk and quite another to do and I am delighted to tell you that Ratan Tata has kept alive the legacy of perhaps India’s finest industrialist J.N. Tata. Something that some people doubted when Ratan took over the House of the Tata’s but in hindsight, the best thing to have happened to the Tata’s is unquestionably Ratan.I was amazed to see the extent of corporate philanthropy and this is no exaggeration.For the breed that talks about corporate social responsibility and talks about the role of corporate India, a visit to Jamshedpur is a must. Go there and see the amount of money they pump into keeping the town going; see the smiling faces of workers in a region known for industrial unrest; see the standard of living in a city that is almost isolated from the mess in the rest of the country. Read more of this post

%d bloggers like this: