According to Chairman N Chandrasekaran, the Tata group was going through several changes as it shifted toward modern industries including semiconductor manufacturing, electronics production, and renewable energy, in an interview with the Financial Times (FT).
As Chandrasekaran stated to FT, “We are trying to get the group prepared for the future.” “These are necessary transitions, no matter how painful they may be,” he declared.
The $165 billion group’s enterprises are undergoing a change that includes increasing their online product offerings and integrating artificial intelligence into their internal workflows.
One of the difficult choices, according to Chandra, was for Tata Steel to close the blast furnaces at the Port Talbot steelworks and eliminate 2,500 jobs in the UK.
According to the source, Tata Steel would build an electric arc furnace in Port Talbot to replace coal-based furnaces that are decades old. The investment would be matched by £500 million (about Rs 5,502 crore) in government subsidies from Britain. Tata Steel would invest £750 million (around Rs 8,250 crore) on the Port Talbot facility.
Chandra stated that even though Tata Steel has lost £4-5 billion (about Rs 44,000–55,000 crore) on its steelworks since acquiring Corus Group in 2007, the company is still dedicated to producing environmentally friendly goods.
Regarding Air India, Chandrasekaran stated that although the airline’s losses had decreased in the fiscal year that concluded on March 31, 2024, supply chain issues had impeded the delivery of aircraft. After its purchases of Airbus A350s and Boeing 787s come, the firm will be more competitive both domestically within a year and internationally by 2026, Chandrasekaran continued.
Tata group preparing for the future, says Chairman N Chandrasekaran | Company News
