Tata Group records $103-bn revenue in FY 2015-16

Mumbai, July 29

Tata Group invested $9 billion in its businesses globally in 2015-16, even as its worldwide revenue fell marginally to $103 billion due to commodity market slowdown and volatile currencies among other reasons, the diversified conglomerate’s chief Cyrus Mistry said today.

Addressing the Annual Group Leadership Conference (AGLC) of the steel-to-software conglomerate, Mystry also announced a new leadership competency model based on key competencies to develop and identify leaders within the group firms and outlined a new framework focussed on ‘happiness at work’.

The total investments by the over 100 group companies in the past three years totalled to over $28 billion, said Mistry, Chairman of the main holding company Tata Sons Ltd.

Addressing the top leadership and senior management personnel from various Tata group companies, Mistry said the conglomerate’s total revenues dropped 4.62% to $103 billion in fiscal year 2015-16, from $108 billion in the previous financial year. PTI

Tatas  unwilling to compensate, says DoCoMo 

New Delhi: Accusing Tata Group of not willing to pay $1.17 billion compensation, Japan’s largest mobile phone firm NTT DoCoMo on Friday said RBI disallowing its “mis-characterised” application does not bar the Indian group from paying out of funds or assets outside the country.

Tata Sons last month was ordered to pay DoCoMo $1.17 billion in compensation for breaching an agreement on India joint venture.

DoCoMo in a statement said Tata Sons was citing RBI not granting an exemption to the foreign exchange act to pay the money as an “excuse”. PTI