Tuesday, March 21 2006 20:25 Hrs (IST) - World Time -

New Delhi: Ratan Tata, who heads the biggest industrial conglomerate in India, today (Mar 21 2006) joined an elite group of global business leaders like Microsoft chief Bill Gates and BP Group CEO Lord Browns on the Board the International Business Advisory Council (IBAC), UK.

Tata, who headed the Investment Commission in India, was taken in as a member of IBAC, a Tatasons statement said here.

With the appointment, Tata joins a high profile international panel, including the likes of LVMH Chairman and CEO Bernard Arnault, BP Group Chief Executive Lord Browns and Microsoft Chairman Bill Gates.

IBAC will advise the Chancellor and Secretary of State and Trade and Industry in UK, Alan Johnson on response to challenges and opportunities of globalisation to ensure UK's position as a top location for international companies' high value-added activity.

Commenting on the importance on the IBAC, in which Tata is a member now, Johnson said: "We cannot and should not try to compete with the emerging economies like China and India on cost, but we can compete on ideas and knowledge.

"Working with business has always been central to our policymaking and the establishment of International Business Advisory Council will further cement that relationship."

The council will meet once a year at 11 Downing Street, the first of which will be held this year.

It will run initially for a period of three years and will discuss policies to improve UK's competitiveness, including specific issues relating to the challenges of globalisation.