Ratan Tata was told by a group of very satisfied executives that they had managed a cost reduction of Rs 350 a tonne but Tata’s response was a clear expression of disappointment: “Your promise is with me, you don’t have to make another promise. What is at stake is your prestige and reputation.”
The message was, therefore, loud and clear: By March, costs were brought down by Rs 500 a tonne even though there was an increase on almost every other count, including railway freight.
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