'We are not obsessed with acquisitions'
The Times of India — September 28, 2007

Tata Sons Chairman Ratan Tata on Thursday said the group, which has been on an overseas takeover spree in the recent past including the landmark £6.2 billion buyout of Corus, is "not obsessed" with acquisitions.

The Group, also in the race for acquiring two European auto marques Jaguar and Land Rover from Ford, is investing more in India than overseas, according to the industry doyen.

"We are not obsessed with acquisition," Tata said at a panel discussion here.

He asserted that the group's growth was more domestic oriented despite its overseas revenues expected to outgrow that from home following acquisition of Corus. "We are investing more in India than overseas. Our growth is more domestic oriented," he said.

Earlier this year, Tata Steel had acquired Anglo-Dutch Corus acquisition for 6.2 billion pounds, while another group company Tata Power acquired 30-per cent stake each in two Indonesian coal producers aggregating to $1.1 billion. Thanks to its overseas acquisitions, the Group's international revenue is expected to almost double its contribution to the overall top-line.

"We expect 60 per cent of our revenues coming from international operations largely because of Corus acquisition," Tata Sons executive director Alan Rosling said.

Last financial year, the company's revenues from international operation touched 37 per cent at $6.7 billion, of which 31 per cent came from the US alone. Asked about the 'Tata' brand being added to Corus, Tata said: "The name change would be done in course of time."

Tata Motors is believed to have appointed advisors to evaluate a bid for Jaguar and Land Rover and also signed a confidentiality agreement with Ford for access to the financials of the luxury brands. Tata Group is also looking at acquiring iron ore assets overseas.