Word: steeled
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Pelosi is known for her steel; no one crosses her without paying a price for it. And she will need every bit of that toughness to manage a caucus that promises to grow more fractious. Much has been made of the relatively conservative bent of the incoming freshman class of House Democrats, many of whom were recruited to run because they fit so well in districts that have been sending Republicans to Washington for years. Once they arrive, however, they will be working under a set of committee chairs who proudly and tenaciously represent the farthest-left edges of their...
...Tata group's global clout means that its chairman's thoughts get concrete results. Tata comprises 96 companies, including the world's second largest tea business (Tata Tea), Asia's largest software firm (Tata Consultancy Services), a steel giant (Tata Steel), a hotel chain (Indian Hotels) and a sprawling vehicle-manufacturing arm (Tata Motors) that includes a bicycle factory in Zambia and a project to make a car selling for $2,200. Since Tata became chairman in 1991, he has multiplied the Tata group revenues seven times to an annual $21.13 billion. Since 2000, the group's market value...
...over yet. Anglo-Dutch steelmaker Corus agreed last month to an $8 billion takeover bid by Tata Steel. The deal is the largest-ever Indian acquisition of a foreign firm, and it will catapult Tata from the world's 56th largest steel producer to the fifth. "All credit goes to Ratan Tata," says Sanjay Bhandarkar, managing director of the N.M. Rothschild private bank in India. "He clearly has a vision and knows what he's doing...
India's industrial heritage cannot be separated from the Tata name. The company's founder, J.N. Tata, was a nationalist driven by the idea of a strong, self-reliant India. He gave the country its first steel mill, first hydroelectric plant, first textile mill, first shipping line, first cement factory and even its first world-class hotel. His successors--among them J.R.D. Tata, India's first pilot--created the first airline, first motor company, first bank and first chemical plant. And much like H.J. Heinz in the U.S., J.N. Tata attached social welfare to his business. Tata Steel introduced...
...monopolies were on the way out. The new chairman saw the need to overhaul the firm's culture. He ordered each company to meet performance targets--to be No. 1 or No. 2 in its market--and to meet quantified goals for leadership and innovation or be sold. Tata Steel, for example, shed half its 78,000 workers between 1994 and 2005. "The Tata group's relationship with its employees changed from the patriarchal to the practical," reads the Tata code of honor, which sets groupwide standards of conduct. Subir Gokarn, chief economist at ratings agency Crisil, says Tata read...