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After Brazil's CSN upped their bid to 515 pence (against Tata's revised bid of 500 pence offer) for acquiring Corus, the Tatas are contemplating a counter offer. The Mumbai business house has appointed UK investment bank NM Rothschild & Sons to advise them on the deal, reports The Economic Times. This shows that the Tatas are not backing out yet.

The 515 pence offer values Corus at $9.6 billion. Tata's original offer was 455 pence, while CSN bid at 475 pence. On Monday, Tatas made a counter offer at 500 pence.

Rothschild will be the third advisor to Tatas. It is already been advised by ABN Amro and Deutsche Bank. Rothschild aill apparently advise them on the strategy as for going forward as well as on the fund raising.

CSN is being advised by Lazard and Goldman Sachs, while JP Morgan Cazenove and HSBC are acting for Corus. Tata Steel is being advised by ABN AMRO, Deutsche Bank and Rothschild.