The Board of Directors hereby presents the 104th annual report on the
 business and operations of your Company along with the standalone and
 consolidated summary financial statements for the year ended 31st
 March, 2011.
 
                                               Figures in Rs. crores
 
                             Tata Steel Standalone      Tata Steel Group
 
                             2010-11    2009-10        2010-11   2009-10
 
 Net Sales/Income from 
 Operations                 29,396.35  25,021.98  1,18,753.12 1,02,393.12
 
 Total expenditure before 
 depreciation               17,963.49  16,069.89  1,02,757.50   94,350.46
 (net of expenditure 
 transferred to capital)
 
 Operating Profit           11,432.86   8,952.09    15,995.62    8,042.66
 
 Add: Dividend and other 
 income                        790.67     853.79       980.98    1,185.85
 
 Profit before interest, 
 depreciation, exceptional
 items and taxes            12,223.53   9,805.88    16,976.60    9,228.51
 
 Less: Net finance charges   1,300.49   1,508.40     2,770.04    3,022.06
 
 Profit before depreciation, 
 exceptional items and taxes10,923.04   8,297.48    14,206.56    6,206.45
 
 Less: Depreciation          1,146.19   1,083.18     4,414.82    4,491.73
 
 Profit before exceptional 
 items and taxes             9,776.85   7,214.30     9,791.74    1,714.72
 
 Add/(Less): Restructuring costs -         -         2,310.21  (1,683.72)
 
 Profit before taxes         9,776.85   7,214.30    12,101.95       31.00
 
 Less: Provision for current 
 taxation                    2,857.00   1,998.00     2,910.34    2,162.53
 
 Less: Provision for deferred 
 taxation                       54.16     169.50       335.56     (10.69)
 
 Profit after taxes          6,865.69   5,046.80     8,856.05  (2,120.84)
 
 Less: Minority Interest         -          -          (60.28)     15.24
 
 Add: Share of Profit of 
 Associates                      -          -           66.36     126.86
 
 Profit after minority interest 
 and share of Profit of 
 associates                      -          -        8,982.69 (2,009.22)
 
 Distribution on hybrid 
 perpetual securities            6.79       -            6.79       -
 
 Tax effect on distribution of 
 hybrid perpetual securities    (2.25)      -           (2.25)      -
 
 Profit after taxes and distri
 -bution on hybrid perpetual 
 securities                  6,861.15  5,046.80      8,978.15 (2,009.22)
 
 Add: Balance brought 
 forward from the previous 
 year                       12,772.65  9,496.70      7,010.48 10,961.96
 
 Add: Balance brought 
 forward - HMPCL on Amalgamation -        12.28          -         -
 
 Balance                    19,633.80 14,555.78     15,988.63 8,952.74 
 
 Which the Directors have
 apportioned as under to:
 
 (i) Dividend on Preference 
 Shares                          -        45.88         -        45.88
 
 (ii) Proposed dividend on 
 Ordinary Shares             1,151.06    709.77     1,150.25    709.23
 
 (iii) Tax on dividends        156.71    122.80       163.22    154.33
 
 (iv) Special Reserve             -        -            5.32     48.55
 
 (v) General Reserve           686.57    504.68       703.42    552.58
 
 (vi) Debenture Redemption 
      Reserve                1,000.00    400.00     1,007.26    400.00
 
 (vii) Statutory Reserve         -          -            -       31.69
 
 Total                       2,994.34  1,783.13     3,029.47  1,942.26
 
 Balance to be carried 
 forward                    16,639.46 12,772.65    12,959.16  7,010.48
 
 DIVIDEND
 
 The Board recommended dividend of Rs. 12 per Ordinary Share on
 95,92,14,450 Ordinary Shares (2009-10: Rs. 8 per Ordinary Share on
 88,72,14,196 Ordinary Shares of Rs. 10/- each) for the year ended 31st
 March, 2011.
 
 The dividend on Ordinary Shares is subject to the approval of the
 shareholders at the Annual General Meeting. The total dividend payout
 works out to 19% (2009-10: 17%) for the standalone company.
 
 INCREASE IN AUTHORISED SHARE CAPITAL
 
 In order to facilitate the issue of Ordinary Shares with differential
 voting rights as to voting and/or dividend (hereinafter referred to as
 A Ordinary Shares) in the future, the authorised share capital of the
 Company was increased from Rs. 8,000 crores to Rs. 8,350 crores by creation
 of a new class of Capital viz. 35,00,00,000 A Ordinary Shares of Rs. 10
 each aggregating to Rs. 350 crores.
 
 PREFERENTIAL ISSUE OF SHARES AND WARRANTS TO TATA SONS LIMITED
 
 Pursuant to the shareholders approval obtained through Postal Ballot,
 the following securities were allotted to Tata Sons Limited on 23rd
 July, 2010:
 
 i. 1,50,00,000 Ordinary Shares of Rs. 10/- each at a premium of Rs. 584/-
 per share aggregating to Rs. 891 crores and
 
 ii. 1,20,00,000 Warrants, where each Warrant would entitle Tata Sons
 Limited to subscribe to one Ordinary Share of the Company at a price of
 Rs. 594/- per share. As per the SEBI (ICDR Regulations 2009), an amount
 equivalent to 25% of the price i.e. Rs. 148.50 per Warrant aggregating to
 Rs. 178.20 crores was received from Tata Sons Limited. The option to
 convert the Warrants into Ordinary Shares is exercisable by Tata Sons
 Limited before 23rd January, 2012.
 
 FOLLOW-ON PUBLIC ISSUE OF ORDINARY SHARES
 
 The Company completed a follow-on public issue of 5,70,00,000 Ordinary
 Shares of Rs. 10/- each at a price of Rs. 610 per share (including premium
 of Rs. 600 per share) aggregating to Rs. 3,477 crores. The Ordinary Shares
 were allotted on 29th January, 2011 in accordance with the terms
 contained in the Prospectus dated 25th January, 2011.
 
 GLOBAL ECONOMY
 
 The world GDP, as reported by International Monetary Fund, was on an
 upturn, growing by 5% in 2010 as compared to a negative growth of 0.5%
 in 2009. While the growth in the advanced economies was 3.0% in 2010,
 in contrast to -3.4% in 2009, the emerging and developing economies
 grew by 7.3% in 2010 when compared to the growth of 2.7% in 2009. The
 growth in the developing and emerging economies slowed down during the
 end of 2010 as stimulus measures were slowly removed and policies were
 tightened in response to rising inflation and overheating concerns. A
 trend of GDP growth (%) for the last five years in the world, split up
 into advanced economies and emerging and developing economies, is shown
 below:
 
 The US: The US GDP increased by 2.8% in 2010 as compared to a negative
 growth of 2.6% in 2009, but the country still faces large fiscal
 deficit. In late 2009 and early 2010 there was a deceleration in growth
 in the US economy as the effect of one time stimulus factors faded.
 However, in the second half of the year, growth picked up with a
 decline in the rate of unemployment and consumer spending picking up at
 its fastest pace in the last five years with further major stimulus
 measures being introduced along with tax cuts and investment
 incentives. The housing market, non-residential construction and
 overall credit growth still remained weak with tight bank lending
 conditions starting to ease for not only large firms but also for small
 and medium-sized firms.
 
 India: As reported in the Economic Survey of 2010-11, GDP is expected
 to grow by 8.6% in 2010-11 as compared to the growth of 8.0% in
 2009-10. The agricultural output grew by 5.4% as compared to a nominal
 0.4% growth in 2009-10 when the country was hit by a dEfficient monsoon.
 Manufacturing grew by 8.8% during the year being at par with the growth
 noticed in the last f scal. Overall growth in industry was 8.1% during
 2010-11 compared to 8.0% in the last year. Services witnessed a
 decelerated growth of 9.6% as compared to a growth of 10.1% in 2009-10.
 Amongst the key macro-economic indicators, f scal def cit was limited
 to 4.8% of GDP in 2010-11 as compared to 6.3% in 2009-10. Export and
 import grew positively by 29.5% and 19.0% in contrast to the negative
 growths experienced in the previous year. Clouds of high inflation and
 a temporary slowdown in the industrial growth are looming in the
 country as steps are being taken to mitigate such adversities.
 
 Europe: GDP in the Eurozone increased by 1.9% in 2010-11 over 2009-10
 with a high unemployment rate of around 10% and divergent performances
 by member countries. While Germany posted a growth of 4% driven by
 strong export demand and lower unemployment, the Spanish economy was
 adversely affected by fiscal tightening and a weak housing market with
 a rise in unemployment. Ireland, Portugal and Greece are seeking
 financial assistance from the EU and IMF after facing sharp increases
 in their borrowing costs and potential shortfall in funding. The UK GDP
 grew by 1.9% in 2010-11, continuing to recover but uneven growth, high
 unemployment and rising inflation has resulted in the UK household
 disposable income coming under pressure. There was a strong quarterly
 growth at the beginning of the year followed by a slowdown and
 winter-inflicted contraction in the December quarter. The fiscal
 austerity announced by the UK Government will see a 24% cut in public
 investment and 7% cut in real government consumption in the next five
 years.
 
 TATA STEEL GROUP PERFORMANCE
 
 Tata Steel Group steel deliveries at 23.5 million tonnes in the
 financial year under review were at par with the financial year 2009-10
 (23.6 million tonnes). The gross steel deliveries (including the
 inter-group transfers) for the steel-producing entities were higher
 than the previous years with Tata Steel India, Tata Steel Europe,
 NatSteel Holdings and Tata Steel Thailand posting growth of 4%, 3%, 1%
 and 8% respectively.  Your companys Indian operations recorded a
 growth of 4% in steel deliveries from 6.17 million tonnes in the
 financial year 2009-10 to 6.42 million tonnes in 2010-11.
 
 Along with the increase in gross steel deliveries, the steel- producing
 entities witnessed increases in the average realisations in line with
 the steep increase in the raw material prices. The turnover for the
 Group in 2010-11 at Rs. 118,753 crores, was 16% higher than 2009-10 (Rs.
 102,393 crores). While the turnover in Tata Steel India witnessed a
 growth of 17% from Rs. 25,022 crores in the financial year 2009-10 to Rs.
 29,396 crores in the financial year 2010-11, Tata Steel Europes
 turnover increased by 15% from Rs. 65,843 crores in the financial year
 2009-10 to Rs. 75,991 crores in the financial year 2010-11.
 
 The Earnings before Interest, Taxes, Depreciation and Amortisation
 (EBITDA) of the Group increased signif cantly from Rs. 9,340 crores in
 the f scal year 2009-10 to Rs. 17,103 crores in the financial year
 2010-11 primarily driven by the increase in prices partly of set by the
 steep increase in input costs. Tata Steel India recorded an EBITDA of Rs.
 12,224 crores in the financial year 2010-11 growing by 25% as compared
 to Rs. 9,806 crores in 2009-10.
 
 Restructuring, impairment and disposals in the current year include Rs.
 2,503 crores Profit on disposal of Teesside Cast Products at Tata Steel
 Europe.
 
 Consequently, the Group turned around with a Profit after Tax (after
 minority interest and share of profits of associates) for 2010-11 at Rs.
 8,983 crores as compared to a loss of Rs. 2,009 crores in 2009-10.
 
 Indian Operations: Crude steel production at 6.86 million tonnes in
 financial year 2010-11 was higher than the previous year (6.56 million
 tonnes) by 4%, thus exceeding the nameplate production capacity in the
 second year on enhanced capacity.  There was an increase in the vessel
 life and heat size of the two steel melting shops enhancing their
 productivity to achieve the higher crude steel production of your
 company. Saleable steel also increased by 4% from 6.44 million tonnes
 recorded in financial year 2009-10 to 6.69 million tonnes in the
 financial year under review with higher hot metal being available from
 the bigger blast furnaces with higher productivity. The sales volume
 during the financial year 2010-11 at 6.42 million tonnes was 4% higher
 as compared to the previous year (6.17 million tonnes) indicating the
 robust growth in steel demand. Apart from the two steel melting shops,
 there were many units (including mines and collieries) which surpassed
 their respective best ever performances.
 
 Ferro Alloys and Minerals divisions saleable production at 1,405k
 tonnes in the financial year 2010-11 was higher than financial year
 2009-10 (1,350k tonnes) by 4%. The sales (including transfers to other
 divisions of the Company), however, at 1,464k tonnes were lower than
 the previous year (1,508k tonnes) by 3%. Chrome alloys exports and
 manganese alloys sales of the division touched new heights during the
 financial year under review.
 
 Improved demand in auto and infrastructure segments led to the increase
 in sales and production in the Tubes division. The division recorded
 production of 371k tonnes in FY 2010-11, higher by 6% over FY 2009-10
 (351k tonnes), while the sales improved from 349k tonnes in FY2009-10
 to 366k tonnes in 2010-11, an increase of 5%. Boosted by various
 improvement initiatives under Kar Vijay Har Shikhar programme, the
 division continued to improve on its performance in various segments
 like Tata Pipes (plumbing and irrigation), Tata Structural
 (infrastructure) and Precision Tubes (Automotive, Process and Power
 sector).
 
 Sales in the Bearings division in the financial year 2010-11 at 32.95
 million numbers grew by 4% against the financial year 2009-10 (31.69
 million numbers), while the production at 33.14 million numbers in FY
 2010-11 increased by 12% over FY 2009-10 (29.61 million numbers). The
 increases were primarily driven by higher demand in the domestic auto
 segment.
 
 European operations: Sales volumes of Tata Steel Europe (TSE),
 excluding seasonal effects, were reasonably flat for the first three
 quarters of the financial year 2010-11, before showing an improvement
 in the last quarter to the highest level of quarterly sales since
 financial year 2008-09. Deliveries in Tata Steel Europe during FY
 2010-11 (14.9 million tonnes) increased by 3% over FY 2009-10 (14.4
 million tonnes). Selling prices increased steadily through the year
 with the revenue per tonne increasing by around 17% over the previous
 year.  The revenue per tonne increased relatively sharply in the first
 quarter of the financial year under review in anticipation of the
 equally sharp increase in price of raw materials, but became more
 modest in the second and third quarters before losing its upward
 momentum in the fourth quarter. Raw material prices, in contrast,
 peaked during the third quarter.
 
 TSE has adopted the Tata Steel identity for trading purposes with ef
 ect from September 2010 and a progressive rebranding process is under
 way. The Company has also adopted a new operating model to replace the
 previous model of three main operating divisions (Strip Products, Long
 Products and Distribution & Building Systems). It is now organised into
 a number of business activities comprising steelmaking hubs (Strip
 Products Mainland Europe, Strip Products UK and Long Products Europe),
 speciality businesses (Colours, Building Systems, Packaging, Tubes,
 Kalzip, Plating, Cogent Power and Speciality Steel), and a distribution
 and sales network (Distribution UK & Ireland, Distribution Europe and
 International). TSE has adopted a single sales and marketing function
 with eight industry-focused marketing sectors, namely automotive,
 construction, packaging, rail, lifting and excavating, energy and
 power, industry strip and industry long products.  Europe, principally
 the EU, continues to be the most important market of the Company.
 
 On 24th February, 2011, Tata Steel UK Limited (TSUK), a subsidiary of
 TSE, signed a def nitive sale agreement to sell certain assets of TCP
 to Sahaviriya Steel Industries Public Company Limited in a deal valuing
 the business at Ł434 million. The assets covered by the sale include
 the Redcar blast furnace, the Redcar and South Bank coke ovens, TCPs
 power generation facilities and sinter plant, and the Lackenby
 steelmaking and casting facilities. The deal also includes TSUK and SSI
 entering into a joint venture to operate Redcar wharf, TCPs bulk
 terminal. The sale was completed on 24th March, 2011.
 
 The Fit for the Future programme initiated in response to the 
 financial crisis continued to give results with notable reduction in the
 average number of employees. The deal with SSI resulted in 850
 employees getting transferred to SSI and it is expected that further
 jobs will be created.
 
 South-East Asian operations: NatSteel recorded an increase in steel
 sales by 1% in FY 2010-11 (1.80 million tonnes) over FY 2009-10 (1.78
 million tonnes). The increases were most noticeable in NatSteel
 Singapore, the Australian units, Thailand and in trading business,
 while other business units in China and Vietnam witnessed decline in
 their respective volumes. NatSteel Singapore increased its sales volume
 by 106k tonnes from 738k tonnes in FY 2009-10 to 844k tonnes in FY
 2010-11. Average revenue per tonne improved across all units (other
 than Australian units) thereby increasing the turnover of the Company.
 The Company sold its share in an associate company Southern Steel
 Berhard (SSB) during the financial year. The EBITDA of the Company,
 excluding the Profit on sale of share of SSB in the financial year
 under review, reduced from the previous financial year primarily due to
 rise in the cost of input materials which more than of set the increase
 in prices and impact of higher sales volumes.
 
 Sales volume of Tata Steel Thailand during FY 2010-11 at 1.29 million
 tonnes was higher than FY 2009-10 (1.20 million tonnes) by 8%, while
 production increased by 6% from 1.21 million tonnes in FY 2009-10 to
 1.28 million tonnes in FY 2010-11. During the financial year under
 review, the Company had to mothball the Mini Blast Furnace in the third
 quarter due to high costs of operations and low capacity utilisation,
 before recommencing its operations in the fourth quarter. The company
 incurred losses during the year primarily due to high costs of
 operations, low capacity utilisation and losses due to mothballing of
 the Mini Blast furnace partly compensated by increase in average
 revenue per tonne and higher sales volume.
 
 EXPANSION PROJECTS
 
 Brownf eld Projects:
 
 Tata Steel India is implementing an expansion project at Jamshedpur
 Works to increase its crude steel capacity from 6.8 million tonnes per
 annum to 9.7 million tonnes per annum. The facilities under this
 project are scheduled to be completed in FY 2011-12. Simultaneously,
 the Company is implementing a few other major capital schemes at
 Jamshedpur which include Coke Plant Battery No. 11, Coke Dry Quenching
 at Coke Ovens Batteries 5, 6 & 7 and a new mill for producing Full Hard
 Cold Rolled (FHCR) coils. Tata Steel India is also setting up a
 Continuous Annealing and Processing Line at Jamshedpur with a capacity
 of 0.6 mtpa under a joint venture company with Nippon Steel Corporation
 (NSC), Japan. The line will produce automotive cold rolled flat
 products and address the needs of Indian automotive customers for high-
 grade cold rolled steel sheets. NSC will transfer its technology for
 producing high-grade cold rolled steel sheets for automotive
 application including skin panel and high tensile steel. These
 projects, along with other sustenance and improvement projects, are
 being implemented with a view to support your Companys current
 operations and its growth aspirations.
 
 Greenf eld Projects:
 
 Odisha Project:
 
 Preliminary work on the 6 mtpa greenfield steel plant at Kalinganagar,
 Odisha is in progress. The boundary wall on 3 sides (8.5 km) along with
 trench cutting and barbed wire fencing has been completed, warehouse
 has been made operational and construction of Sinter plant has started.
 As of March 2011, a total of 910 families have moved from the plant
 site to the new rehabilitation colony area where plot allocation has
 been started. The rehabilitation colonies have been provided with good
 infrastructural facilities which include clean drinking water, street
 lighting, and a community centre set up by the Company.  Key challenges
 for FY 2011-12 are to develop infrastructure and mobilise resources to
 accelerate the project work.
 
 Other projects:
 
 Chhattisgarh Project:
 
 The Company has signed an MoU with the Government of Chhattisgarh for
 setting up of a 5 mtpa Greenfield integrated steel plant in Bastar.
 Land has been acquired by the
 
 Government and the rights vest with Chhattisgarh State Industrial
 Development Corporation (CSIDC) for allotment to Tata Steel Limited for
 99 years. The letter of intent from CSIDC has been issued. Your Company
 requested for demarcation free from all encumbrances, as per terms of
 MoU, before taking possession of the said land.
 
 Further, Chhattisgarh Government has accorded approval for drawing
 water from the river Sabri and the Ministry of Railways, Government of
 India has granted an in-principle approval for the railway corridor.
 Public hearing for the Environment Clearance has been successfully
 conducted.
 
 Prospecting License for iron ore has been granted in Bailadila-I
 deposits after obtaining necessary approvals from the Ministry of
 Environment and Forest and Ministry of Mines, Government of India.
 Prospecting License for Pyroxenite in the close proximity of iron ore
 area is in an advanced stage of grant by the State Government. In line
 with the Companys initiatives in the field of Corporate Social
 Responsibility, several activities in the field of health, youth and
 women empowerment, sports and skill development are being carried out
 for local residents as well as those from displaced families.
 
 Ha Tinh Project at Vietnam:
 
 Tata Steel signed an MoU with Vietnam Steel Corporation (VSC) on 29th
 May, 2008 to develop a steel complex with an estimated capacity of 4.5
 million tonnes per year in Ha Tinh province at Vietnam. Another MoU was
 signed to set up a cold rolling mill in Ha Tinh province. On successful
 completion of study and financial closure, Tata Steel will have a stake
 of minimum 65% and VSC will have a stake of 35% in the steel complex.
 
 Karnataka Project:
 
 Tata Metaliks Limited (TML) and Tata Steel have entered into a MoU with
 the Government of Karnataka in June 2010 for setting up an integrated
 steel plant of 3 mtpa in Agadi and Boodagatti villages of Haveri
 District, Karnataka. State High Level Clearance Committee of the
 Government of Karnataka has approved 2,500 acres of land at Agadi,
 Boodagatti, Devagiri and Yellapura villages, and is in process of
 acquiring land.
 
 RAW MATERIAL PROJECTS
 
 Your Company continues to implement its long-term strategy to secure
 ownership of assets that will increase its raw materials security and
 share of value-added products. During the financial year 2010-11, the
 Companys primary focus was on expediting implementation of its
 existing ventures.
 
 Coal Projects:
 
 Benga Coal Project, Mozambique: The Tata-Riversdale Joint Venture in
 Mozambique conducted a formal Ground Breaking Ceremony at the Benga
 Coal Project in the presence of the President of the Republic of
 Mozambique, His Excellency Armando Emilio Guebuza on 14th April, 2010.
 This official ceremony follows a series of milestones already achieved
 by the Company such as the signing of the Mining Contract, approval of
 Environmental Licences for the Benga Coal Project and the Benga Power
 Project, and the approval of Stage 1 of the Benga Coal Project
 following the completion of the Feasibility Study for production of
 10.6 million ROM tonnes in two phases. Other key contracts and
 agreements include the CHP Plant Supply Contract, a Resettlement Action
 Plan and the Project Labour Agreement (PLA) which was signed with
 SINTICIM (the Mozambican National Construction and Mine workers Union).
 
 Stage 1 entails initial production of 5.3 million ROM tonnes per year
 to produce approximately 1.7 mtpa of high quality hard coking coal and
 0.3 mtpa of thermal coal by the second half of 2011. Tata Steel has 35%
 stake in the joint venture with 40% of -take right to the coking coal
 produced from these mines. The joint venture owns the Benga and Tete
 tenements which cover an area of 24,960 hectares. Benga has an inferred
 resource of approximately 4 billion tonnes. Your Company plans to
 supply the hard coking coal from this project to its facilities in
 Europe in the initial phase of the project development and also for the
 requirements of the Indian operations in the future. Tata Steel
 currently holds about a 27.1% equity stake in the parent company,
 Riversdale Mining Limited.
 
 Coal Mining Project in Australia (CDJV): Tata Steel has a strategic
 interest of 5% in the coal mining project in Australia in partnership
 with Vale, Nippon Steel, JFE and POSCO with up to 20% of -take rights.
 The Joint Venture was formed for the development of a greenf eld
 underground coal project in Bowen Basin, Queensland. The first raw coal
 production started in August 2006 and the mine is currently producing
 around 1.5 mtpa. The mine is being operated by Long Wall method and
 expected to produce around 3.0 million tonnes of Coking and PCI coal
 during FY 2011-12.
 
 Iron Ore Projects:
 
 Direct Shipping Ore Project in Canada (New Millennium Capital
 Corporation):
 
 In September 2008, Tata Steel had entered into a Heads of Agreement
 with New Millennium Capital Corporation, Canada
 
 (NML), a Canadian listed mining company, to develop iron ore projects
 in northern Quebec and Newfoundland and Labrador and had acquired a
 19.9% stake in NML. As per the agreement, Tata Steel had an exclusive
 option to acquire an 80% equity interest in NMLs Direct Shipping Ore
 project (DSO Project) and an exclusive right to negotiate and settle a
 proposed transaction in respect of NMLs LabMag and KéMag (Taconite)
 Projects. In September 2010, Tata Steel has made a positive investment
 decision by exercising its option to acquire 80% interest in the NMLs
 Direct Shipping Ore (DSO) Project.
 
 As part of the Joint Venture agreement, Tata Steel will reimburse NML
 for 80% of NMLs cost to date on the DSO Project; arrange funding for
 up to CAD$ 300 million of capital costs for the Project to earn its 80%
 share of the JV and commit to take 100% of the DSO projects iron ore
 products of specif ed quality, at world market prices, for the life of
 the mining operation. The Feasibility Study estimates proven and
 probable mineral reserves of 64.1 million tonnes and the project is
 expected to produce 4 million dry tonnes per year of iron ore products
 commencing in the second half of 2012. The iron ore from this project
 will be supplied to Tata Steel Groups facilities located in Europe.
 
 On 26th February, 2011, Tata Steel purchased 67,39,956 common shares of
 NML under its existing pre-emptive right at CAD$ 3.50 per share for
 gross proceeds to NML of CAD$ 23,589,846. This will maintain Tata
 Steels interest in NML at approximately 27.2% of the total shares
 outstanding.
 
 On 6th March, 2011 Tata Steel signed a binding heads of agreement with
 New Millennium Capital Corporation to develop the LabMag and KéMag iron
 ore deposits, known collectively as the Taconite Project. The Taconite
 Project consists of two world- class magnetite iron ore deposits on the
 emerging Millennium Iron Range, which stretches 210 kilometres from
 western Labrador through eastern Quebec. The LabMag deposit is located
 in the Labrador portion of the range and the KéMag deposit is located
 in the Quebec portion. Together, the two deposits hold over 9 billion
 tonnes of reserves and resources and are expected to produce more than
 20 million tonnes per year of concentrate, with a potential mine life
 of over 100 years.
 
 Ivory Coast Project: In view of the environmental issues encountered in
 the case of Mt. Nimba deposit, Tata Steel approached the Government of
 Ivory Coast to grant a Prospecting License for Mt. Gao for an early
 start of the project.  The Government of Ivory Coast has granted an
 Exploration
 
 License to Sodemi on 30th July, 2009 and an Addendum to the Joint
 Venture Agreement was signed on 29th September, 2009 to include Mt. Gao
 in the Joint Venture Agreement. Upon transferring the Exploration
 License for Mt. Gao to the JV company, a helicopter-borne geophysical
 survey covering 811 sq km has been completed. The team on the site has
 also done a detailed geological mapping over a 100 sq km area at
 1:10000 scale. Currently exploration work on the ground has been put on
 hold due to rising security concern in Ivory Coast.
 
 Limestone Project:
 
 Limestone Project in Oman: The Environmental Impact Assessment has been
 completed and the mining license is awaited.
 
 OTHER PROJECTS
 
 Dhamra Port Company Limited (DPCL):
 
 The Dhamra Port Company Limited, a 50:50 joint venture between Tata
 Steel Limited and Larsen & Toubro, is developing a deep-draught port
 under a concession agreement awarded by the Government of Odisha on
 Build, Own, Operate, Share and Transfer (BOOST) basis. The project will
 be located on the eastern coast of India approximately 225 km southwest
 of Kolkata and 205 km from Bhubaneshwar.
 
 Situated between Haldia and Paradip, Dhamra Port will be one of the
 deepest ports in India with a draft of 18 metres, capable of
 accommodating super capesize vessels up to 1,80,000 DWT.
 
 Phase-I of the project is complete and the port has started commercial
 operations on 6th May, 2011. In Phase-I, two fully mechanised berths;
 one for handling import cargo and the other for export cargo with
 back-up facilities have been built, along with a rail corridor for
 hinterland connectivity.  The construction of railway line on a route
 length 62 km from Bhadrak to Dhamra is completed except commissioning
 of the automated signaling system. The capacity is estimated to be 27
 mtpa in Phase-I. Dhamra Port will be of strategic importance to Tata
 Steel in terms of its integrated logistics cost of raw materials and
 will also consolidate Tata Steels supply chain network, contributing
 to its expansion aspirations.
 
 S&T Mining Limited:
 
 S&T Mining Limited is a joint venture between Tata Steel Limited and
 Steel Authority of India Limited to develop the raw material security.
 The company was shortlisted by CIL to participate in the tender for
 reviving and developing abandoned mines. It has made progress on its
 proposal to set up a 2 mtpa coal washery in Jharkhand for which it is
 in an advanced stage of environmental clearance. It is also gearing up
 for participating in the Coal auction process of Ministry of Coal,
 Government of India.
 
 HEALTH AND SAFETY
 
 Health and Safety continues to be a key performance indicator and one
 of the prime drivers of the Corporate Vision of your Company. The Group
 Vision is to achieve a target of 0.4 LTIFR with zero fatalities by
 2012. Tata Steels safety and health responsibilities are driven by the
 belief within our policy which was launched for Tata Steel group from
 January 2011: The safety and health of all the people who work in and
 with the Tata Steel Group is our number one priority. In pursuance of
 this belief, we are committed to continual efforts to improve health
 and safety in Tata Steel as we strive for excellence.
 
 Health and Safety is reviewed at all Board meetings of your Company
 with a Health, Safety and Environment committee incorporating senior
 executives and non-executives from the Board also established to carry
 out more detailed reviews. The integrated and systemic Health and
 Safety Management System introduced in Tata Steel Europe in 2008 with a
 governance process for improvement actions and regular safety tours by
 the Board and executive members is being evaluated for Tata Steel
 Group-wide application.
 
 During the financial year 2010-11, the Group recorded a LTIFR of 0.78
 improving by 18% against 0.95 in FY2009-10. Tragically, during the
 financial year under review there were 10 fatalities across the Group
 which included 5 contractor employees.  The Board expresses its sincere
 regret at these fatalities and is committed to learning from each of
 these incidents to prevent any recurrence and also in its
 implementation of measures to ensure that any fatality potential is
 identified and controlled in our operations.
 
 The safeguarding and promotion of the physical, mental and social
 well-being of employees of the Group has been enhanced from a number of
 programmes across the Group. In India, the programme Wellness at
 Workplace targets the major health risks such as heart disease,
 diabetes and includes proactive reviewing of individual medical
 condition and identifying improvements.  In Europe, health promotion is
 also done on major risks such as cancer, heart disease with an
 additional focus on minimising exposure to potential health hazards
 like noise, vibration and the need to use personal protective
 equipment.
 
 ENVIRONMENT
 
 Tata Steel Group puts emphasis on minimising the environmental impact
 of its operations and its products by adopting sustainable practices
 and continuous improvements in environmental performance. Manufacturing
 steel unavoidably produces carbon dioxide (CO2). However, Tata Steel
 products are part of the solution to climate change as steel has
 inherent environmental advantages of being durable, adaptable, reusable
 and recyclable.  CO2 emissions in steel production are of set by
 reductions in emissions through the life cycle of steel products,
 achieved through effective product design and through recycling at end
 of life. Furthermore, your Company aims to contribute positively to the
 communities around or near its operations, actively participating in
 community initiatives, encouraging biodiversity and nature
 conservation.
 
 One of the key corporate goals which your Company seeks to achieve is
 to reduce carbon dioxide (CO2) emissions per tonne of crude steel
 produced. The current targets, which are provisional and are under
 review pending regulatory developments in both India and Europe, are to
 reduce emissions on a group-wide basis to less than 1.9 tonnes of CO2
 per tonne of crude steel by 2015 and to less than 1.7 tonnes of CO2 per
 tonne of crude steel by 2020 (using the World Steel Association
 reporting scope and methodology). CO2 emissions for the Tata Steel
 Group during FY 2010-11 were 2.15 tonnes per tonne of crude steel for
 Blast Furnace route steel (2.01 tonnes per tonne of crude steel
 including Electric Arc Furnace route steel).
 
 CO2 emission (direct + electricity) in the Indian operations during FY
 2010-11 at 2.44 tonnes per tonne of crude steel was almost at the same
 level as the last year (2.41 tonne per tonne of crude steel), while the
 water pollutant discharge was 65 gallons per tonne of crude steel in FY
 2010-11 improving 26% as compared to 88 gallons per tonne of crude
 steel in 2009-10. Solid waste utilisation also improved from 91.1% in
 2009-10 to 94.4% in 2010-11. Environmental clearances for 2.9 million
 tonne expansion programme for Jamshedpur Steel Works and Chhattisgarh
 project were obtained along with the consent to establish the Cold
 Rolling Mill complex at Bara, Jamshedpur.
 
 In the European operations, the CO2 emissions were 2.0 tonnes per tonne
 of crude steel. More generally, compliance with
 
 environmental permit conditions was at a very high level across the
 European operations during the financial year and there were no
 prosecutions or regulatory enforcement actions in relation to
 environmental matters. Furthermore, TSE met all of its environmental
 obligations as specified under Phase 1 (2005 till 2007) of the EU
 Emissions Trading Scheme (EU ETS) and expects to meet its obligations
 for Phase 2 (2008 till 2012).  In the UK, the revised target within the
 Climate Change Levy (CCL) Agreement to reduce absolute energy
 consumption by 15.8% compared to 1997 levels was achieved in 2010.
 This ensures that Tata Steel Europe will continue to benefit from
 reduced rates in relation to the CCL for 2011 and 2012.  The UK
 government announced in the 2011 budget their intention to introduce a
 carbon price floor with effect from FY 2013-14. This is an additional
 tax on electricity generation related to the carbon intensity of the
 generation fuel used, which would come into effect if the price of
 carbon in the EU ETS does not reach certain thresholds. TSE also
 currently participates in a voluntary agreement with the Dutch
 government to benchmark and maintain its energy efficiency in line with
 worlds best standards. The primary requirement of the agreement is an
 energy efficiency improvement of 2% per annum. The total energy
 efficiency improvement in 2010 was 2.8%.
 
 SUBSIDIARIES
 
 The consolidated financial statements presented by the Company include
 financial information of its subsidiaries prepared in compliance with
 applicable Accounting Standards. The Ministry of Corporate Affairs,
 Government of India vide its Circular No. 5/12/2007-CL-III dated 8th
 February, 2011 has granted general exemption under Section 212(8) of
 the Companies Act, 1956, from attaching the balance sheet, profit and
 loss account and other documents of the subsidiary companies to the
 balance sheet of the Company, provided certain conditions are
 fulfilled.  Accordingly, annual accounts of the subsidiary companies
 and the related detailed information will be made available to the
 holding and subsidiary companies investors seeking such information at
 any point of time. The annual accounts of the subsidiary companies will
 also be kept for inspection by any investor at its Head Office in
 Mumbai and that of the subsidiary companies concerned.
 
 Details of major subsidiaries of the Company are covered in this Annual
 Report.
 
 DIRECTORS
 
 Dr. Karl-Ulrich Koehler has been Chief Executive Officer and Managing
 Director of Tata Steel Europe Limited since 1st October, 2010. He was
 appointed Chief Operating Officer of Tata Steel Europe Limited in
 February 2010. Considering his vast experience of 30 years in the steel
 industry, the Board thought it prudent to appoint Dr. Koehler as an
 Additional Non-Executive Non-Independent Director of the Company with
 effect from12th November, 2010.
 
 Dr. Koehler will hold office till the date of the forthcoming Annual
 General Meeting and a notice has been received from a Member proposing
 the candidature of Dr. Koehler for being appointed as a Director of the
 Company.
 
 Mr. Kirby Adams ceased to be a Director of the Company on 30th
 September, 2010. The Directors would like to place on record their
 appreciation of the contributions made by Mr. Kirby Adams during his
 tenure as Director of the Company.
 
 Dr. J. J. Irani will step down as a Director of the Company on 2nd
 June, 2011 on reaching the age of 75 years, and hence will not be
 seeking re-appointment. The Directors would like to place on record
 their appreciation of the leadership and contributions made by Dr.
 Irani as the Managing Director of the Company from 1992 to 2001 and
 thereafter, as a non-executive Director of the Company.  Therefore in
 accordance with the provisions of the Companies Act, 1956, and the
 Companys Articles of Association, Mr. Ratan N. Tata, Mr. Nusli N.
 Wadia, Mr. Subodh Bhargava and Mr. Jacobus Schraven retire by rotation
 and are eligible for re-appointment.
 
 ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
 
 Details of energy conservation and research and development activities
 undertaken by the Company along with the information in accordance with
 the provisions of Section 217(1)(e) of the Companies Act, 1956, read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, are given in Annexure A to the Directors
 Report.
 
 PARTICULARS OF EMPLOYEES
 
 The information required under Section 217(2A) of the Companies Act,
 1956 and the Rules there under, in respect of the employees of the
 Company, is provided in the Annexure forming part of this Report. In
 terms of Section 219(1)(b)(iv) of the Act, the Report and Accounts are
 being sent to the Members, excluding the aforesaid Annexure. The
 Annexure is available for inspection by Members at the Registered
 Office of the Company during business hours on working days upto the
 date of the ensuing AGM, and if any Member is interested in obtaining a
 copy thereof such Member may write to the Company Secretary, whereupon
 a copy would be sent.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreements with the Stock
 Exchanges, a Management Discussion and Analysis, Corporate Governance
 Report, Managing Directors and Auditors Certificate regarding
 compliance of conditions of Corporate Governance are made a part of the
 Annual Report.  A note on the Companys corporate sustainability
 initiatives is also included.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
 based on the representations received from the Operating Management,
 confirm that:
 
 1.  in the preparation of the annual accounts, the applicable
 accounting standards have been followed and that there are no material
 departures;
 
 2.  they have, in the selection of the Accounting Policies, consulted
 the Statutory Auditors and have applied them consistently and made
 judgements and estimates that are reasonable and prudent so as to give
 a true and fair view of the state of affairs of the Company at the end
 of the financial year and of the profit of the Company for that period;
 
 3.  they have taken proper and sufficient care to the best of their
 knowledge and ability for the maintenance of adequate accounting
 records in accordance with the provisions of the Companies Act, 1956,
 for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 4.  they have prepared the annual accounts on a going concern basis.
 
 On behalf of the Board of Directors
 
 RATAN N. TATA
 
 Chairman
 
 Mumbai, 25th May, 2011