India's Tata Group, the country's largest conglomerate by revenue, has outlined plans to invest $35 billion over the next 3 years for expansion into new areas such as retail and defense.
Cyrus Mistry, last year took over as chairman of Tata, whose more than 100 companies have combined revenues of about $100 billion, but has since kept a low public profile and struggled to articulate a strategy for the group's future direction.
But in an internal meeting Mr Mistry on Tuesday outlined a plan called Vision 2025 that will see Tata push into new markets as it aims to become one of the world's top 25 businesses by market capitalization over the next decade.
Mr Mistry said that by 2025 Tata – which manufactures products ranging from salt to wrist watches – would be "amongst the 25 most admired corporate and employer brands globally, with a market capitalization comparable with the 25 most valuable companies in the world".
Tata confirmed that Mr Mistry planned to establish four new business "clusters" – defense and aerospace, retail, infrastructure and finance – to increase growth at the group, whose largest existing divisions by revenue focus on IT outsourcing, steel and cars.
The approach aim to bring together existing operations in areas such as retail, where Tata already operates numerous businesses, but could also involve the "creation of new companies", Tata said.