Tata plans to invest over $8 billion over two years

MUMBAI Wed Jan 2, 2013 9:30pm IST

A worker cleans a Tata Motors vehicle inside the company's showroom on the outskirts of Agartala, capital of Tripura, November 7, 2012. REUTERS/Jayanta Dey/Files

A worker cleans a Tata Motors vehicle inside the company's showroom on the outskirts of Agartala, capital of Tripura, November 7, 2012.

Credit: Reuters/Jayanta Dey/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - India's salt-to-software conglomerate Tata Group plans to invest more than 450 billion rupees over the next two years, its newly appointed Chairman Cyrus Mistry wrote in an internal mail on Wednesday.

Mistry, who has taken over as chief of India's biggest corporate grouping from Ratan Tata, did not elaborate on the investment plans in the mail to employees that was seen by Reuters.

"With a sustained focus on policy stability and implementation, I believe that India would continue to be an attractive investment destination," he said in the mail, referring to the government's recent economic reform measures.

"I look forward to our group playing its role in continuing to invest in the Indian growth story."

Mistry was named chairman designate in November 2011 and his appointment was formally announced by the board of Tata Sons, the group holding company, last month.

The $100 billion Tata Group includes Tata Motors (TAMO.NS), owner of the Jaguar and Land Rover brands and maker of the Nano, the world's cheapest car, as well as Tata Consultancy Services (TCS.NS), Tata Steel (TISC.NS) and dozens of other companies.

Mistry said in the mail the group would seek to expand its global presence with a focus on emerging markets in Asia, Africa and parts of Latin America.

(Reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing by David Holmes)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Global Shares

Global Shares

Japanese stocks lead shares worldwide, IBM weighs on Dow  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage