|Mistry: Feeling the pulse
Mumbai, Jan. 2: Cyrus P. Mistry, the new chairman of the Tata group, today said that the conglomerate would pump in over Rs 45,000 crore over the next two years and continue to expand in the overseas markets particularly in Asia, Africa and parts of Latin America.
In his first address to employees after taking over its reins on Monday, Mistry indicated that the new phase would see changes though he would not abandon the core Tata values.
``Handing over of the responsibility of Chairmanship brings with it the winds of change, but the core of the Tata group must and will remain unchanged. Our commitment to maintaining the highest ethical standards in the conduct of our enterprise; our continuous emphasis on business excellence and managerial competence… without this core DNA that is uniquely Tata, there is nothing to differentiate us from our peers,” he said.
Mistry indicated that the group would continue with its aggressive investment plans and grow by expanding in the overseas markets, building on the Rs 50,000 crore investment that the House of Tatas had made over the past three years.
A key highlight of Ratan Tata’s 21-year stint as the head of the Tata group was the growth through acquisitions and Mistry said that this would continue.
“Apart from India, we will be required to work to both deepen and widen our global engagement with an emphasis on emerging markets in Asia, Africa and parts of Latin America, adding to our existing presence in Europe and America. Of course, each company’s path to globalisation will be different, with differing approaches to the spreading of risk, acquisition of technology, access to talent and investment in long-term growth markets,” he told the employees.
Mistry also had two words of advice to employees and senior management of the $100-billion group in the current competitive times: be aware of what the consumer wants and respond quickly to any changes in market conditions.
“We live in increasingly competitive times. To succeed in such an environment, we will need to differentiate our approach and innovate. As history has shown, corporations that are happy with resting on their laurels are weeded out by nimble competition that have sensed the pulse of customers with an emphasis on innovation to be continuously relevant in these fast changing times. Clearly, across our businesses, we need to be able to respond swiftly and adapt to changes in market conditions anywhere in the globe,” he said, asking them not to be complacent.
According to Mistry, the group must differentiate from its competitors through a greater understanding of customer needs and a culture built around customer centricity, innovation, and a focus on profitable growth.
“We will need to be relentless in our pursuit of improving our competitiveness and in addressing the small issues that are often overlooked but end up making a significant difference in the value proposition of our products and services,” Mistry added.