Tata’s Potential—and Problems—Are Symbolic of India Itself

One of India’s oldest businesses, Tata is getting into shape—an ambitious task given its unwieldy scale. Both the ambition and the monumental size of the undertaking are a reflection of the Indian business environment itself.

On Friday, Tata Steel said it is merging seven smaller metal units with itself in a bid to reduce costs, simplify corporate structure and strengthen its balance sheet. Four are publicly listed.