Tata SteelNSE 0.73 % has not given up on its plans of merging its business in Europe, a top company official said while terming the European Commission's feedback on the proposed joint venture with Thyssenkrupp as a "speed breaker". The company's aim is to make European business stronger for which it will continue to explore various business options including merger, Tata Steel Managing Director T V Narendran said.
"This was something we were working on for last few years but European Commission based on the market feedback decided that it can not recommend JV...So (its) fine. I look (at) it like a speed breaker. These things happen," Narendran said on the collapse of Tata Steel's proposed joint venture (JV) with German conglomerate Thyssenkrupp. On May 10, Tata Steel and the German conglomerate decided to call off their proposed steel JV, expecting the deal to be rejected by the European Commission (EC) over "continuing concerns".