He Didn't Blink Ironically, winning the battle for Corus may have been the easier part of Ratan Tata's job. Convincing investors that it is worth $12 billion will be harder.

Four months ago in October 2006, Tata Steel's Chairman Ratan Tata flew into London from New York in a corporate Falcon jet to sign a deal to acquire British steelmaker Corus Group PLC. The deal, an all- cash affair, required the Tatas to fork out $7.98 billion (Rs 35,910 crore) for the world's ninth largest steelmaker, known for its steelmaking technology and its brand equity, particularly in Europe. After acquiring Corus, Tata Steel would leapfrog from a lowly 56 on the global pecking order of steelmakers to the rarefied fifth spot. But it wasn't going to be so simple.

Soon after the Tatas ...

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