MUMBAI, India, Oct. 25, 2016 /PRNewswire/ -- The Interim Chairman of Tata Sons, Mr. Ratan N. Tata, has asked Tata companies to act as leaders in their respective markets and enhance returns to shareholders.
"The companies must focus on their market position vis-à-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow," he said, addressing Managing Directors and senior leaders of Tata companies.
Mr. Tata said, "I look forward to working with you as we have worked together in the past. An institution must exceed the people who lead it. I am proud of all of you, and let us continue to build the group together."
He asked the leadership of the companies to focus on their respective businesses, without being concerned about change in leadership. Referring to ongoing initiatives in the companies, he said, "We will evaluate and continue to undertake those that are required to. If there is any change, they will be discussed with you."
Mr. Tata reiterated that he had assumed the role of the Interim Chairman for stability and continuity so that there is no vacuum. "This will be for a short time. A new permanent leadership will be in place," he emphasised.
Tata Sons has already announced that a Selection Committee has been constituted to choose a new Chairman, and will complete its mandate in four months.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2015-16, the revenue of Tata companies, taken together, was $103 billion. These companies collectively employ over 660,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116 billion (as on March 31, 2016). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mr-ratan-n-tata-tata-companies-must-focus-on-market-position-300350904.html
SOURCE Tata Sons