India’s salt-to-software conglomerate Tata plans to invest more than 450 billion rupees ($8.2-billion) over the next two years, its newly appointed chairman Cyrus Mistry wrote in an internal e-mail on Wednesday.
Mr. Mistry, who has taken over as head of India’s biggest corporate grouping from Ratan Tata, did not elaborate on the investment plans in the message 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 e-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.”
Mr. Mistry was named chairman designate in November, 2011, and his appointment was formally announced by the board of Tata Sons Ltd., the conglomerate’s holding company, last month.
The $100-billion Tata group includes Tata Motors, owner of the Jaguar and Land Rover brands and maker of the Nano, the world’s cheapest car, as well as Tata Consultancy Services, Tata Steel and dozens of other companies.
Mr. Mistry said the group would seek to expand its global presence with a focus on emerging markets in Asia, Africa and parts of Latin America.Report Typo/Error