Tata Sons chairman N Chandrasekaran on Monday said uncertainties will persist in the new year but exuded confidence that the diversified conglomerate is better placed to take on challenges.
He said the salt-to-software USD 110-billion group is "stronger, more resilient and future ready" now and is moving "decisively" on financial fitness and operational efficiencies.
The comments from the group chairman come at a time when growth has slowed to a six-year low domestically and there are clouds of uncertainties globally as well. Recently, his appointment was termed illegal by the NCLAT based on predecessor Cyrus Mistry's petition. The group is challenging the same.
In an email to employees, Chandrasekaran said there is a steady improvement at the group level performance but also pointed out that there is more work to be done in case of some companies, which are facing headwinds due to the economic conditions.
"Macro uncertainties will persist in 2020, but they will also be accompanied by new opportunities across different businesses and markets," he said, adding that despite the high level "noise", the world will be more interconnected.
Chandra, as he is called in the induystry circles, said this is the time for "relentless focus" on execution to realise the future bets, including digital thrust and existing business transformation for an artificial intelligence and data-led future.
Terming 2019 as a "busy" year, he stated that the acquisition of Bhushan Steel is underway, grpup's profits mainstay TCS is delivering market leading performance, Tata Motors is facing "unprecedented headwinds" domestically and the Tata Global Beverages-Tata Chemicals' consumer business consolidation is near completion.
The group's financial services business continues to grow with a focus on risk management, both Vistara and Air Asia are expanding their fleet and reach, and other companies including Indian Hotels and Titan are delivering robust performance.
"We are on course and executing our 'One Tata' strategy around the pillars of simplification, synergy and scale. Within our ten business clusters, individual companies have made notable progress across these dimensions," he said.
Chandra said he is optimistic about the new decade because of the steadfastness, hardwork and values shown by the employees in both triumphant and testing times.
"With all of the heavy lifting we have done over the past few years, I am confident that we are now well positioned to build on the Tata Group's unique legacy to steer the 21st century towards a more sustainable, connected, inclusive and efficient future," he signed off.