From $2 billion to $25 billion in sales by the end of 2008, Tata Steel has come a long way under the leadership of its 61-year-old Managing Director B Muthuraman, who took over in 2001 from Dr J J Irani.

A man known to speak his mind, Muthuraman's strategy from day one was to take Tata Steel global with the help of mergers and acquisitions. As Tata Steel moves into its next target to become the world's second largest steel company by 2012 with the help of its most expensive bet worth $12.9 billion on Corus group, Muthuraman spoke to Business Standard. Excerpts.

Tata Steel has come a long way since you took over in 2001. What is the next target you have set for the company?

Yes, after the takeover of Corus group we would end the fiscal 2008 with a turnover of $25 billion. Since 2001, we took over steel companies in Singapore, Thailand, bought coal mines in Australia and finally acquired the Corus Group.

With our greenfield plants going on stream and expansion in Jamshedpur, we have the potential to become the world's number two steel maker by 2012, as we will have a total capacity of 40 million tonnes per annum. Our first priority, right now, is to successfully place our rights issue as we get ready for the roadshows. Post rights issue, we will be busy with our share sale abroad which should be over by the end of 2008.

There is consolidation going on in the world steel industry with everyone seeking M&A opportunities. What is the role you see for Tata Steel in this consolidation?

Consolidation is positive for the industry and we are a part of this. There will be more competition and we are ready for this. Tata Steel is always looking for M&A opportunities.

Why are you planning to keep Corus as a separate legal entity? Will you be bringing more Corus brands into India and retrench workers abroad?

We are raising a lot of debt on the Corus balance sheet. By keeping Corus as a separate entity, we would ring-fence Tata Steel's balance sheet from its debt. We will definitely be bringing more Corus products into India as they have expertise in building structural solution products. For both the companies, automobile and construction will remain the focus area.

Though both companies will remain separate entities, they will have the joint management strategy, same goals and follow the same culture and tradition.

At the same time, we have not made any plans as of now to retrench people from Corus or let Corus use the 'Tata' brand.

Will the Corus-Tata Steel combine have a big presence in the North American markets?