Mumbai: In order to address the future challenges and opportunities, Tata Group is betting big on talent, brand, technology and innovation to build capabilities that it believes would help it to succeed for the next 150 years.
The salt-to-steel-to-software conglomerate plans to create new industries, products and business models besides exploring the possibility of joint projects between group companies. Faced with a global slowdown, the Tata Group, which generates about 70 per cent of its revenue from international markets also plans to make full use of the opportunities available in the domestic market.
In an interview to the in-house magazine, Tata Group chairman Cyrus P. Mistry said the rapid progress in technology has thrown up new opportunities and risk.
“If we invest appropriately in R&D and combine that with an understanding of customers, I believe there is a huge possibility for us to create new industries, new products and new business models. On the risks front, if we are not agile I think we will be left behind,” he said and added that the group now requires capabilities that will allow it to succeed for the next 150 years.
Last week, the Tata group companies tied up with the world’s leading academic institutions, inclu-ding Harvard University, Yale University, the IIT Madras and the Royal Society, UK to fund R&D opportunities. The group has invested Rs 4,15,000 crore ($79 billion) in capex over the last decade. The groups investment over the last three years alone has been in excess of Rs 1.7 lakh crore ($28 billion).
Mr Mistry, who took over the reins in late 2012 from the legendary Ratan Tata, also spoke about coming to grips with responsibility of chairmanship, multiple challenges facing Tata companies, essentials of technology, innovation and customer centricity, and continuing Tatas’ commitment to societal causes.
In the area of gender diversity, he said his group want to double the number of women employees across the group and develop at least 1,000 Tata women leaders by 2020.
