India Inc today welcomed Tata Steel's acquisition of Anglo-Dutch steel maker Corus while expressing concern that the deal might re-rate the entire steel industry, making steel companies over-valued. Jindal Steel and Power vice-chairman and managing director Naveen Jindal said, "this is not an attractive price but, if the Tatas have liquidity it will be a good investment in the long run." He said the Tatas were a professional lot and the deal would be a success.Some industry barons also expressed concern that the deal may lead to over-valuation in the global steel sector."The price paid is expensive...All steel companies may get re-rated now but its a good deal for the industry," Jindal South West Steel managing director Sajjan Jindal said.Despite the apprehension, the industry is optimistic that the deal would further enhance India's standing in the global scenario with the world's largest and the fifth largest steel manufacturers having roots here."Tata Steel will be in the big league of top five steel producers. The deal takes India's might to the world," Jindal Stainless director N C Mathur said.
