TCS looking at Oz, Middle East for growth
Tata Group Chairman Ratan Tata said group IT company TCS is looking at opportunities in Australia and Middle East for growth as traditional markets in the West are in the midst of a deep financial crisis.
Speaking at the TCS AGM where he introduced Cyrus Mistry to the shareholders here this evening, Tata said his successor "embraces all the ethical values on which the Tata Group is built".
"I feel confident that Cyrus has the capacity and the ability to lead this group in the years to come and face the challenges," Tata said.
Mistry was named Chairman-designate of the USD 84-billion Tata Group last November. He will take over the reins of the Group in December when Tata retires on attaining 75 years.
On TCS's growth plans he said, "Our focus is to find a balance between traditional markets like the US and Europe and other emerging markets like Australia and the Middle East, which present good opportunities. Going forward, TCS will be focusing on non-linear growth since the situation in the West continues to be a concern."
Focus on non-linear growth model includes betting big on three strategic initiatives -- software products (TCS financial solutions), platform-based BPO, and iON (IT-as-a-service solution for small and medium businesses).
Commenting on rupee volatility, Tata said the depressed value of the currency is benefiting the company now but it is quite volatile.
The company also announced induction of former State Bank chairman Omprakash Bhatt on the TCS board.
Addressing the media on the sidelines of the AGM, TCS Managing Director and Chief Executive N Chandrasekaran said,
"The global economic environment continues to be volatile and uncertain and the recovery is going to be a prolonged exercise," Chandrasekaran said.
"Budgeting cycle is over. We believe that discretionary projects have also started kicking in, which we mentioned at that end of the last quarter," he said, adding that rupee volatility continues to be a concern.
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