Tatas look for overseas acquisitions aggresively
New Delhi, October 5:
India’s Tata Group is scouting for more overseas acquisitions, the company’s executive director said Friday as news reports spread that the conglomerate was looking to buy a leading European steelmaker.
“We are looking for opportunities in all areas where we are present,” said S Gopalakrishnan, Executive Director of Tata Sons, the group’s holding company.
The Tata Group, with $22 billion in annual sales, has interests spanning everything from steel and automobiles to software services and hotels.
Shares of Tata Steel rose 1.2 per cent on the Bombay Stock Exchange following Gopalakrishnan’s comments, which came amid reports that the company was in talks to acquire London-based Corus Group Plc.
Gopalakrishnan declined to comment on Corus, but Tata said in a statement this Thursday that it was evaluating several global opportunities to expand its business
acitivities including a stake in the Angolo-Dutch steelmaker.
The Tata Group has been among the most aggressive Indian companies, many of which are trying to buy companies overseas so to gain global visibility after thriving for decades in India’s protected market.
Earlier this week, it announced deals to buy the Ritz-Carlton Hotel in Boston and a 30 per cent stake in South African tea maker Joekels.
In September, Tata said the group planned to invest 1.2 trillion rupees ($26 billion, euro20 billion) in expanding its operations.