The Tata Group has announced a massive investment plan over the next three years in areas such as retail and defence, as the Indian conglomerate looks to boost its status as a global employer brand.
While outlining the group's vision for 2025 at an annual gathering of top executives of its group companies, Tata Sons chairman Cyrus Mistry said the company will invest $35bn (£20.7bn, €26.1bn) over the next three years in four new areas – defence and aerospace, retail, infrastructure and finance.
Tata Sons is the holding group of more than 100 Tata companies including Tata Motors, Tata Steel and Tata Consultancy Services, with operations in more than 100 countries.
The group had combined revenues of $103bn for the fiscal year ended in March, with 67% coming from outside India.
"It is correct that the Tata group has outlined its strategy of nurturing group companies by leveraging the parenting advantage of the group centre, harnessing synergies to maximise the performance of companies and optimising its portfolio for sustained future performance. To carry forward this mission in the near term, the group has adopted a vision, to be achieved by 2025," a company spokesperson said in an email response to India's Economic Times.
As part of the vision, the company aims to be "amongst the 25 most-admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world".
"Each Tata company will strive to outperform markets, sharply focussing on performance, strive for excellence for global competitiveness, seek to achieve global or national scale, and foster fledgling businesses with a sound evaluation of their growth potential," the spokesperson added.
The group's move comes as some of its key businesses struggle to perform amid weak domestic and international market conditions.
Tata Motors reported lower vehicle sales in recent months for the first time in 12 years, as consumers in India reduced spending amid soaring prices. In May, Tata Steel, which has global operations, reported a net loss for the fourth quarter, primarily due to weak market conditions in Europe.