According to Mr P Chidambaram finance minister of India, the TATA Group stands out from any other business group in the world due to their intellectual, moral and financial integrity.
Mr Chidambaram, while addressing invitees after unveiling a book on the history of TATA Steel titled "A Century of Trust" during a glittering function Friday to celebrate 100 years of the steel major's existence said that "The essence of the TATA is their intellectual, moral and financial integrity and that is what makes them stand out from any other business in the world."
He said that "The TATA never break any laws, they do not cut corners, do not take short cuts. If they get stuck due to bureaucratic red tape or for any other reason they prefer to stay stuck but do not compromise their integrity at any cost."
He said that "A 100 years ago to climb the back of an elephant, trudge through the jungles, find iron ore and build a steel plant was a task so formidable that it is the finest example of Indian entrepreneurship."
He added that "The TATA set up the first India owned steel plant despite many odds and great opposition from the then colonial British government and its steel industry which later became British Steel."
He said that "TATA Steel's acquisition of European steel giant Corus, a part of which is the erstwhile British Steel is sweet revenge for the TATA and Indian entrepreneurship."
Mr B Muthuraman MD of TATA Steel said that "Four beliefs have sustained us through a century despite many adversities and situations of near bankruptcy. He said that these are oneness with society, adaptability, highly empowered employees and financial prudence."
The TATA Iron and Steel Company now TATA Steel was the result of the vision of an Indian merchant prince Jamsedji Nusserwanji Tata and the perseverance of his son Dorabji who did not give up on his father's dream to build an Indian-owned steel plant even after Jamshetji's death. Tisco was incorporated August 26th 1907 and the company completed its 100 years of existence last year.
