Mumbai: Salt-to-software conglomerate Tata Sons on Thursday announced a new entity to incubate new-age digital business called Tata Digital.
The $110-billion group appointed Pratik Pal, a veteran of the group's software arm TCS, as the chief executive of the new venture.
The new entity is "formed to incubate new digital businesses", an official statement from Tata Sons said.
The statement announcing Pal's appointment did not offer any details on the investment in the new venture or the exact contours of the same.
A recent media report based on the interview of group chairman N. Chandrasekaran had said Tata Sons would infuse ₹1,000 crore in the new vertical.
"The company will create a number of digital platforms. We have already identified the platforms we want to create. The first platform is already being built and the next two to three platforms are in the process of being developed," Chandrasekaran had said.
Pal was responsible for growth of TCS' second largest industry segment as the global head of retail, travel, transportation, hospitality and consumer packaged goods industry unit, the statement said.
"Pratik brings strong domain knowledge of consumer-centric businesses to this role combined with a deep understanding of how new digital technologies are disrupting these industries. As the CEO of Tata Digital, Pratik will play a key role in building new platforms of growth," Tata Sons chairman N Chandrasekaran said.
His experience and commitment will be very valuable in shaping and developing new opportunities for Tata Group in the digital economy, he added.
"It will be my endeavour in my new role to help the Group address new business opportunities and use digital technologies to meet the needs of a fast-evolving generation of consumers, who increasingly demand a unique blend of on-line and off-line engagements," Pal said.