500 TATA Steel becomes bullish on Sri Lanka

Buoyed by Sri Lanka's new growth, Tata Steel, the $ 83 Bn Indian conglomerate Tata Group's victorious Fortune 500 entrant this year, wants to expand its presence in the country.

"Now we are very comfortable about our long term commitment in Sri Lanka. We want to invest more here" said a buoyant Sunil Baskaran, Executive in Charge - Global Wires of India's TATA Steel Ltd. Baskaran, the top TATA executive, was aspiring Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on July 10 at the Ministry of Industry and Commerce, Colombo.

Sunil Baskaran, Executive in Charge, Global Wires of India's TATA Steel Ltd was making a courtesy call on Minister Bathiudeen on July 10 in Colombo.

Accompanying him were C. Srivatsan (CEO-Lanka Special Steels Ltd, Sri Lankan subsidiary of Tata Steel) and Pravin De Silva (Head, Finance and Accounts of Lanka Special Steels Ltd).

For the first time in Fortune 500 history, this year both Tata Steel and Tata Motors have entered the Global rankings. Tata Steel is ranked at 401 and Tata Motors at 314.

According to Tata Group, the total revenue of Tata companies, taken together, was $83.3 billion in 2010-11, with 58% coming from business outside India.

Tata companies employ over 425,000 people worldwide. Tata Consultancy Services (TCS), its IT consultancy and service arm alone represents 10% of the total Indian IT services industry revenue.

"Sri Lanka has a bright future. We are now looking at investing here on a 10 to 15 year timeline and no less.

We at Tata see the entire world and to us Sri Lanka is very promising. This is nothing compared to Europe," added Baskaran.

Responding to Baskaran, Minister Bathiudeen said: "We invite Tata Group to partner with the new Sri Lanka. We shall gladly afford any support that we can possibly provide you. You are already present here for some time as Lanka Special Steels, giving employment to 150 for which we thank you." Lanka Special Steels (LSS) started in Sri Lanka in November 2003.

"It was Tata Steel's first overseas acquisition. LSS is the sole manufacturer of GI wires in Sri Lanka and caters to the commercial galvanised wires market for end uses like barbed wires, wire meshes and chain, thereby garnering market leadership position in the segments that it serves. In 2011, we reported $ 1.7 Bn turnover" revealed C. Srivatsan, CEO of Lanka Special Steels Ltd, Sri Lankan subsidiary of Tata Steel.