Mumbai — Tata Group’s European steel unit might be saved from deeper write-downs if it pursues a tie-up with Thyssenkrupp proposed by Cyrus Mistry, the ousted chairman of India’s biggest conglomerate, a person with knowledge of the matter said. Tata Steel’s planned European joint venture with Thyssenkrupp could reduce the need for impairments, according to the person, who asked not to be identified because the information is private. Mistry recently warned Tata’s European steel business faced potential write-downs of more than $10bn, only some of which have been booked, according to an e-mail the ousted chief sent to the board of holding company Tata Sons on October 25. Mistry told Tata Sons directors several times of problems in group companies including Tata Steel, Tata Teleservices. and Tata Motors, the owner of Jaguar and Land Rover, according to the person. A strategy document presented by Mistry in September gave details of ways to fix the problems in the companies and the key...
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