Amid changing technology and volatile swings in global markets, such a long-term plan does not make sense: Sources
Tata Motors and Tata Power were down nearly 3% each while Tata Steel was trading nearly 2% down in early morning trade at BSE
Supriya Sule is known to be a close friend of Mistry and his wife Rohiqa
Much before Tata group's ousted chairman Cyrus Mistry claimed the group might have to write down $18 billion, Tata Steel had said that in the past five years, it had suffered asset impairment of more than £2 billion ($2.4 billion) on account of its UK business.In fact, going by Mistry's letter, there could be lot more write-downs coming for Tata Steel. In the letter to the Tata Sons board, he says, "The European steel business faced potential impairments in excess of $10 billion, only some of which has been taken as of date."In March, when the group decided to explore the option of selling the UK business, in whole or in part, it had said that the company had extended substantial financial support to the UK business.A restructuring and transformation plan for Strip Products UK had been prepared by Tata Steel Europe, but the board felt it was unaffordable and required material funding and the likelihood of its delivery was uncertain. The decision was probably led by a string of failed
Tata Steel and Tata Chemicals under investor watch
Tata Group chairman cited the turnaround and growth of Tata's jewellery brand Tanishq and IT arm TCS as examples
Ratan Tata was deeply involved in promoting a technology-oriented culture in the group
Says events like Brexit created an environment, likely to affect ops at JLR
Although the agenda of this year's meeting is under the wraps, the focus would be on work culture and identifying steps to attract talent
Launch of e-tail venture is second out of three digital platforms planned
Tata Sons pays him Rs 16.25 crore for FY15, with commission on profits