India's Tata plans $8 bn investment over two years

Tata Group's newly appointed chairman
Cyrus Mistry, pictured on June 29, 2012

AFP - India's tea-to-software conglomerate Tata Group plans to invest more than $8 billion over the next two years, its newly appointed chairman Cyrus Mistry said in an internal email to staff on Wednesday.

Mistry did not elaborate on the investment plans in the email, his first communication to employees after taking over as head of the $100 billion business empire from Ratan Tata.

"Handing over of the responsibility of chairmanship brings with it the winds of change, but the core of the Tata Group must and will remain unchanged," Mistry said in the email, which was seen by AFP.

"We have already put in place plans for additional investments in excess of 450 billion rupees ($8 billion) over the following two years."

During Ratan Tata's time at the helm, the organisation went on a global purchasing spree, acquiring major names ranging from Tetley Tea to Land Rover and the Anglo-Dutch steel firm Corus in 2007 for $13.7 billion.