Financial Daily from THE HINDU group of publications
Thursday, Aug 26, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 26, 2004 |
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Corporate
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Outlook Tata group looking beyond the border Our Bureau
Mumbai , Aug. 25 INDUSTRY should not get overtaken by the desire to improve corporate results at the cost of the longer term, said Mr Ratan Tata, Chairman of the Tata group, referring to the recent price cuts by steel manufacturers in a situation of rising inflation. He was speaking after the formal listing of TCS on the NSE today. Steel prices were high and this had a cascading effect on the other industries in the country. Most of the steel manufacturers were making good profits and that the price cuts would not greatly impact them, he said. "We should be concerned about not only rising interest rates but rising raw material prices too." This could affect demand at a time when India is seen as a country on the growth path, he added. According to Mr Tata, not only TCS, the Tata group itself is looking beyond Indian shores. The group already has a presence in the US, Sri Lanka, Singapore, Nepal and China through its subsidiaries. "We are planning to grow out companies across the globe and will be looking for both organic and inorganic growth." The group has been doing this in the automobile, IT, hotel and other sectors, he said. "We will be refining these plans." Mr Tata also confirmed that the Bangladeshi Government had agreed to supply gas on a 20-year contract with the Tata group for its activities (reportedly investment worth a couple of billion dollars) planned in that country. But he did not elaborate on the planned activities nor the quantum of investment planned.
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