Indian conglomerate Tata Group plans to invest more than 450 billion rupees ($8.2 billion) over the next two years, according to the company’s new chairman.
Cyrus Mistry, Tata’s new boss, wrote in an internal mail on Wednesday that the company plans to invest more than $8 billion within two years. Mistry, who has taken over as chief of India’s largest conglomerate from Ratan Tata, did not offer more details on the investment plans in the mail 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. I look forward to our group playing its role in continuing to invest in the Indian growth story,” Mistry said in the mail, citing the Indian government’s recent economic reform measures.
Mistry also said in the email the group aims to expand its global presence by focusing on emerging markets in Asia, Africa and parts of Latin America. Mistry was named chairman designate in November 2011 and his appointment was formally announced last month by the board of Tata Sons, the group holding company.
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. The group also includes Tata Consultancy Services, Tata Steel and dozens of other companies.