Tatas to finalise Corus financial plan by Feb-end

Tata Steel today said it will finalise the financial structure to fund acquisition of Anglo-Dutch steelmaker Corus by the end of this month.

"We would finalise our financial structure by the month end. We are thinking on many ways of raising money," B Muthuraman, managing director, Tata Steel, said here.

He, however, did not elaborate on how the company planned to raise the money.

Allaying apprehensions that the $12.1 billion deal was costly, he said the company would structure the financing in a way that it did not harm the employees and shareholders.

Muthuraman said Tata Steel settled for the right price in the bid for Corus and said the company was known for being prudent in financial matters.

"We would not have paid more than what we should pay," he said.

Muthuraman said the acquisition would not affect the ongoing expansion at the Jamshedput steel plant.

Further brownfield expansion in this plant was not possible due to various limitations, he said.

The company has already decided to take the capacity to 10 MT from the current 5 MT, he added.