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– Paul Noronha

Outward thrust: (From left) The UK Minister of State for Trade and Investment, Lord Digby Jones; the British High Commissioner to India, Mr Dickie Stagg; and the Tata Group Chairman, Mr Ratan Tata, at the UK - India conference: Partners in Globalisation meeting in Mumbai on Thursday.

Our Bureau

Mumbai, Sept. 27 The Tata Group expects to earn nearly 60 per cent of its revenue this year (38 per cent last year) from its overseas operations following the acquisition of Corus Steel in UK.

According to Mr Alan Rosling, Executive Director, Tata Sons Ltd, the Group’s turnover is expected to increase to $50 billion from $29 billion last year.

Talking to reporters at the sidelines of India-UK conference, Mr Rosling said the UK contributes 15 per cent of the overseas revenues and the country has replaced US as the group’s largest overseas market.

Tatas, which established its first office in the UK 100 years ago, now has 18 companies operating in the UK including TCS, Tata Tea, Tata Chemicals, Tata Motors and Indian Hotels, which owns the Taj group of hotels.

Responding to a question on large overseas investments by the group, Mr Ratan Tata, Chairman of Tata Group, said the Group has been making more investment in India. He said overseas deals are talked about more, but the group companies have been investing in various sectors in India.

On the possible change of name of Corus Steel, which Tata Steel took over this year, Mr Tata said the process of integration of the company with Tata Steel is on and change of name may be considered in the due course.

He said the Group is seriously looking at improving its brand visibility in the UK, (where Tatas invested $13 billion last fiscal) not only as a commercial enterprise but as a corporate citizen.

Mr Tata said when it comes to private enterprise, the environment in the UK is entirely different as there is no interference from the government on M&A deals.

“We have not met any politician in UK before we decided to bid for Corus,” he said. That may not be the case in all countries, he said.

The India-UK conference was attended by a trade delegation led by Lord Digby Jones, UK Minister of State for Trade and Investment.

Delivering the keynote address, Lord Digby Jones said there are 20 Indian companies with full listing on the London Stock Exchange, with a combined market capitalisation of just under £2 billion ($4 billion). That’s more than the market capitalisation of all Indian companies on both NASDAQ and the NYSE combined.

“I’m very proud that it is my country’s stock exchange that has become the location of choice for investors from all over the world.”

There are another 20 Indian companies on the Alternative Investment Market (AIM) in London as well. Of all the developing economies, India leads the way in taking its full part in the world’s financial movement, he said.

The investments are from both sides. The UK is the third biggest investor in India. And the country’s investment into India is at an all-time, thanks to Vodafone’s recent £5.5-billion investment into Hutch, he said.

More Stories on : Diversified | Overseas Investments | Steel | Tata Steel Ltd

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Tatas aim for 60% revenue from overseas operations

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