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| Corus, JLR buys came at inopportune time: Tata |
| Press Trust Of India / London May 11, 2009, 00:46 IST |
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Business tycoon Ratan Tata has said his two acquisitions — Anglo Dutch steelmaker Corus and British Marquee Jaguar Land Rover — were done at an “inopportune time” and his company might have gone “too far too fast”.
In an interview published in the Sunday Times today, Tata admitted with hindsight that he might have gone too far too fast, but that nobody saw the economic recession coming.
“If one had known there was going to be a meltdown, then yes (Tata went too far), but nobody knew. Both the acquisitions were made, I would say, at an inopportune time in the sense that they were near the top of the market in terms of price,” Tata told the Sunday Times.
Recession is making Tata’s recent international spending spree look ill-timed as he bought Corus and JLR just as the boom reached its peak.
Tata Steel paid £6.7 billion for Corus, which, when measured as a multiple of the target company’s earnings, made it the most expensive steel deal to date. A year later, Tata Motors paid £1.15 billion for JLR.
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