Mumbai: Tata Group is on an expansion spree. The Indian conglomerate revealed its plans to more than double its turnover to USD 50 billion this fiscal with the acquisition of Anglo-Dutch steel firm Corus.
"We should touch the USD 50 billion turnover mark in FY08. With a 30 per cent growth this year, our USD 22 billion turnover in FY07 will become USD 28 billion in FY08. Corus would bring in an additional turnover of USD 22-23 billion," a top Tata official was quoted by PTI.
All these together "we should well cross the USD 50 billion turnover mark by FY08," the official said.
The Ratan Tata-led corporate major is also betting big on its inter national businesses, which are expected to contribute 50 per cent of the total turnover in 2008, he said.
In 2006-07, the international business contributed only 30 per cent of the USD 22 billion turnover, which worked out to USD 6.7 billion. With acquisition of Corus the international business will account for 50 per cent of the total turnover, the official said.
Steel and overseas operations would be major contributors toward the topline, the official added. Echoing the oft-repeated Tata group's claims of going in for inorganic growth to fuel expansion, the official said if there was any good business opportunity, then the group would definitely evaluate it.
He said Tata Motors would soon set up an assembly plant in South Africa. Also, the UK could well overtake the US in contributing the maximum to the Tata group's kitty this fiscal.
Last year, the US was the largest contributor to the group's total overseas revenues, while this year, the UK seems poised to bag the number one slot.
With excerpts from a PTI report
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