Business tycoon Ratan Tata and a former chief justice of India are serving, too.
To diversify, Tata would enter, at great expense, the less volatile passenger car market.
But Tata Motors, part of India's largest conglomerate, first had to reset its ways.
ArcelorMittal also competes with other international steel companies like Tata Steel and U.S. Steel.
"It was corporate India's biggest loss, " says Ravi Kant, managing director of Tata Motors.
Tata Motors' plans would produce, in real terms, by far the cheapest car ever made.
Jaguar Land Rover and its parent company Tata are expected to invest in the project.
To be fair, this is not a car that Tata ever intended to make.
Has Tata Technologies approached its sibling, Tata Motors, about building such a promising car?
Tata Sons is still run by the head of the clan, Sir Ratan Tata.
Tata's Mr Gopalakrishnan is far more cautious than many in India about the country's prospects.
Over the past three years Tata's annual sales have risen by an average of 32%.
Daewoo's Matiz and the yet-to-be-formally-named Tata Small Car (TSC) will roll out soon after.
Bajaj Auto, based like Tata Motors in Pune, is another developing-country brand going global.
TCS, was cutting a swathe through North America, Mr Tata was planning other international moves.
Tata Sons--which controls India's diversified Tata Group--will hold a 30% stake and Telestra the remaining 21%.
"The Tata Group has always recognized that the world marketplace is not divisible, " says R.
FORBES: Taj Hotels is extending another Tata arm to America.
Indian automaker Tata Motors (TTM) has moved up from a buy to a strong buy.
Sales of medium and heavy commercial vehicles surged 43% over July of 2009, Tata said.
Mr. Tata, the group's chairman emeritus since his retirement in December, welcomed the FIPB decision Wednesday.
PLC, which already has a franchise agreement with Tata Group's Star Bazaar stores, welcomed the news.
Tata Steel, for example, bought Corus with loans from banks in London, not Mumbai.
ECONOMIST: India is caught in two minds about financial globalisation
The partnership aims to take advantage of the various businesses running under the Tata group.
FORBES: Starbucks Brews Up Deal With Tata To Become India's Coffee Brahmin
Addressing a press conference in Mumbai on Monday, Tata Motors's chief financial officer C.
Indian outsourcer Tata Consultancy Services has opened offices in Budapest, Hungary and Hangzhou, China.
Tata Chemicals, which is based at Lake Magadi, is Africa's largest manufacturer of this self-replenishing commodity.
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