Ratan Tata introduces Cyrus to TCS shareholders
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Tata group chairman Ratan Tata on Friday introduced Cyrus Mistry, the anointed successor at the Tata group, to shareholders and investors of Tata Consultancy Services (TCS), India's largest software company.
"In my view Cyrus embraces all the ethical values on which the Tata Group is built," Ratan Tata said at the annual general meeting of TCS here this evening. "I feel confident that Cyrus has the capacity and the ability to lead this group in the years to come and face the challenges," he added.
Mistry was appointed as deputy chairman of Tata Sons last November and he will succeed Ratan Tata by December this year.
Meanwhile, TCS said it is looking at for opportunities in Australia and Middle East as its traditional US and European markets are battling slowdown. "Western markets continue to be a matter of concern... Australia, Middle East markets are expected to be areas for growth for TCS," TCS CEO and MD N Chandrasekaran said.
"Future opportunities for TCS are extremely good and banking, financial services and insurance segment continues to be the thrust area for the company," he added.
The company is also focussing on non-linear growth model and is betting big on three strategic initiatives to drive this growth. These include software products (TCS financial solutions), platform-based BPO, and iON (IT-as-a-service solution for small and medium businesses). "All geographies, markets and verticals grew in double digits this year," Ratan Tata said.
The company has opened multiple development centres in Latin America, China and Philippines, Chandrasekaran informed shareholders. A slowing US market, which accounts for more than 60 per cent of Indian IT industry's exports, along with euro zone debt crisis is forcing Indian IT firms to look at other markets such as the Middle East.
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