Tata group to spend Rs 45,000 cr in two years, says new chief

In his first communication to employees as chairman of Tata Group, Cyrus Mistry said the group would invest more than R45,000 crore in various businesses in the next two years. HT reports.

In his first communication to employees as chairman of Tata Group, Cyrus Mistry said the group would invest more than R45,000 crore in various businesses in the next two years.

Mistry also mentioned that the company would expand its footprint in various global markets and lauded his predecessor, Ratan Tata’s contribution to the group.

“Our commitment to India is intact. As a group, we have over the past three years invested over Rs 50,000 crore across our various businesses in the country… We have already put in place plans for additional investments in excess of Rs 45,000 crore over the following two years,” Mistry, who recently replaced Ratan Tata at the helm, wrote in a letter to the employees.

The 44-year-old added that there was a need to innovate in a competitive world.

Praising his predecessor, Mistry wrote, “Under the enlightened leadership of Mr Ratan Tata, it (Tata Group) has evolved from being a large business group operating primarily in India into an even larger institution with a global footprint.”