MUMBAI 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)
Trending On Reuters
State Bank of India, the nation's top lender by assets, posted better-than-expected quarterly bad debt levels on Friday and said it now expected an improvement, a long-awaited sign of easing pressure that helped its shares jump over five percent. Read | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article