Cyrus Mistry in interview last month: “We are building the Tata group of the next 150 years”

Cyrus Mistry had said the $100 billion conglomerate was open to grow in India and internationally through organic route as well as acquisitions.

By: Express Web Desk | New Delhi | Updated: October 25, 2016 11:53 am
cyrus mistry, cyrus pallonji mistry, cyrus mistry sacked, Cyrus Mistry interview, Tata group, India business, Ratan Tata, tata and sons, cyrus mistry, tata, tata news, ratan tata interim chairman, business news, indian express news Cyrus Mistry spoke about how the group companies were charting their own strategy and growth story, with a focus on sustainable and profitable growth. (Source: Express photo by Nirmal Harindran)

Cyrus Mistry had last September told the Tata Group’s in-house magazine that “recent pressure” in some of its businesses in Europe has not slowed down its ambition of expanding globally. He had said the $100 billion conglomerate was open to grow in India and internationally through organic route as well as acquisitions. He had undrlined how Tata group’s international revenues were close to 70 per cent of its composite turnover. “The majority of the group’s capital expenditure in the last three years has been in international geographies,” he had said.

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Mistry has said Iran and Myanmar have opened up to the group and several Tata companies were gaining traction there. “We continue to remain open to growth opportunities in India and overseas, through the organic route and through acquisitions,” he said in the interview.

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Appreciating Ratan Tata’s vision to take the group global in the early 2000s, he had said the onus was now on us to build on that, and to make sure that “we not only have a global footprint, but that we create global mindsets.”
He also spoke about how the group companies were charting their own strategy and growth story, with a focus on sustainable and profitable growth.

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“We recognise that growth has to be a function of the operating cash flows we generate. At the group level, over the last three years, our operating cash flows have grown by over 30 per cent CAGR. But this, as we know, is not the appropriate way to use such data – our individual companies need to earn the right to grow,” Mistry said.

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“At the group level, we are focused on helping our companies earn this right by building strong operational cash flows and looking at their capital structures.” But he struck a note of caution: Capex should not be looked in isolation from investment in talent, brands and technology. He feels these will be the true differentiators in future. “We are building the Tata group of the next 150 years,” he said.