Tata Sons Ltd Chairman N Chandrasekran said he faces no interference as he charts out the future course of India’s largest conglomerate by simplifying group structure and reviving key businesses, nearly one year into the job.
“In terms of how I feel at the seat, I would say I feel fully empowered,” Chandrasekaran told BloombergQuint on the sidelines of the World Economic Forum in Davos, Switzerland. "There has been no friction at all," he said.
Chandrasekaran's comment comes after his predecessor Cyrus Mistry was ousted back in 2016 following a messy public and boardroom tussle with Tata Sons.
Among his many complaints, Mistry also alleged interference by Ratan Tata in the business decisions of the group. The battle still goes on in courts. Chandrasekaran was brought in to stabilise the group and revive growth.
The head of the $100 billion salt-to-software conglomerate said that his first year was a "satisfying" one as they addressed some of the core issues of the group companies.
We have focused on building talents. We put Docomo behind. We have divested Tata Teleservices to Bharti. We’ve moved on steel with our joint venture with Thyssenkrupp. We’ve also removed a lot of cross-holding and rolled out a strategic agenda on how to simplify the group.N Chandrasekaran, Chairman, Tata Sons
The group is already looking to boost its domestic steel business after selling assets in the UK and merging its European operations with Thyssenkrupp. Tata Steel recently approved a plan to raise Rs 12,800 crore and is now on the hunt for distressed assets as it looks back to India for being a bedrock of growth.
“Tata Steel has a great future. Once European issues are left behind there will be significant focus on domestic markets,” Chandrasekaran said.
The company sees “tremendous” opportunity for the Indian steel business and one “shouldn't be surprised” to see them doubling their existing capacity, he added.
(Read the entire interview on BloombergQuint)
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