Home >companies >Tata group to invest in development of new technologies: Cyrus Mistry

Mumbai: Cyrus P. Mistry, chairman of the $100 billion Tata group, said the conglomerate is looking to invest in research and development (R&D) and in new technologies, which will become an integral part of the strategy for group companies.

“The customers and the markets we know are evolving. Today, emerging technologies in the digital and physical space are transforming businesses at a pace never seen before," Mistry, the sixth group chairman, said in a letter to employees on Wednesday.

“We must deepen our understanding in several areas such as digitization and big data analytics, and develop an innovation and technology road map to effectively serve evolving customer needs," Mistry said.

Mistry added that in the year ahead the Tata group will re-dedicate itself towards “building a customer-centric, innovative and profitable organization."

Mint has reviewed the letter.

In July, Mint reported that the Tata group plans to invest $35 billion in the next three years even as it looks at possible divestments, citing two executives, who added that the group, which has a presence in businesses ranging from tea to telecom and salt to software, will explore potential acquisitions for expansion.

A spokesperson, in July, quoted Mistry as saying that to maximize synergies, “the group is creating a special focus on four new clusters—defence and aerospace, retail, infrastructure and finance."

Mistry, who became chairman of Tata Sons Ltd’s board in December 2012, said while the group is investing substantially to sustain growth, it should ensure that companies are focusing on delivering long-term value to all stakeholders.

Tata Sons is the holding company of major Tata group firms and holds significant shareholdings in these companies.

“Amidst a complex and unpredictable geopolitical environment, we find that new opportunities have emerged, but equally, several challenges persist," Mistry wrote in his letter while extending new year wishes to his employees

He lauded the new government’s ‘Make In India’ programme, calling it a campaign that holds the promise of reigniting growth in the years to come.

“Twenty five percent of the world’s population will experience the Tata commitment to improving the quality of life of customers and communities. As a result, Tata will be amongst the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world," Mistry said, quoting the group’s Vision 2025 statement.

The Tata group comprises over 100 companies, with operations in more than 100 countries.

“In the last two years, I have had the opportunity to experience the rich diversity of our group, and I have learnt something every step of the way. I have found that the best companies have the humility and the hunger to learn from everyone," Mistry added.

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