Tata group preparing for the future, says Chairman N Chandrasekaran
N Chandrasekaran, Tata group chairman
The Tata group was undergoing multiple transitions by shifting towards new-age businesses like semiconductors, electronics manufacturing, and renewable energy, Chairman N Chandrasekaran said in an interview with the Financial Times (FT).
“We are trying to get the group prepared for the future,” Chandrasekaran told FT. “However painful, these are transitions that need to be done,” he said.
As part of the transition, the $165-bn group’s companies are offering more online products and have embedded artificial intelligence into their internal processes.
Chandra said Tata Steel’s decision to close blast furnaces at the Port Talbot steelworks and cut 2,500 jobs in the UK was one of the painful decisions.
The report said Tata Steel would invest £750 million (about Rs 8,250 crore) in Port Talbot facility which will be matched by a £500 million (about Rs 5,502 crore) of British taxpayer funds to construct an electric arc furnace in Port Talbot to replace decades old coal-based furnaces.
Chandra said despite Tata Steel incurring a loss of £4-5 billion (about Rs 44,000-55,000 crore) on the steelworks since buying Corus Group in 2007, the group remained committed to pursuing greener products.
On Air India, Chandrasekaran said supply chain challenges had hit aircraft deliveries even though losses of the airlines had narrowed in the financial year ended March 31, 2024. The company would be more competitive domestically within a year, and internationally by 2026, once its orders of Airbus A350s and Boeing 787s arrive, Chandrasekaran added.
First Published: Sep 16 2024 | 9:15 PM IST