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A sharper growth push from Tata Steel is reshaping a long-running contest with JSW Steel and shifting the market’s loyalties. But can it keep its expansion-hungry rival at bay?

Tata Steel battles protests and litigation in the Netherlands. Separately, India’s solar market powers ahead and ESG investing redraws its boundaries.
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.
Acquisition of the German steelmaker would give the Indian steel entrepreneur substantial global heft. But it might also end up extracting a heavy price on his already-stretched group and its investors.