India's Tata Group targets $500 bln revenue by 2021-report

April 2 Sun Apr 1, 2012 11:08pm EDT

April 2 (Reuters) - India's Tata Group targets revenues of $500 billion by the financial year ending in March 2021, the Business Standard newspaper reported on Monday, as the steel-to-software conglomerate aims to increase sales five times over nine years.

Ratan Tata, outgoing chairman of the group, which includes flagship companies Tata Consultancy Services Ltd, Tata Steel Ltd and Tata Motors Ltd, unveiled the growth plan at a meeting with around 500 senior group executives last month, the newspaper said.

A spokesman for the group declined to comment on the report when contacted by Reuters.

Chairman Tata will step down in December this year, and will be succeeded by Cyrus Mistry, deputy chairman and a former member of the board of holding company Tata Sons.

The 74-year-old has led the conglomerate since 1991 and has embarked on a global shopping spree that has brought companies such as UK tea brand Tetley, European steelmaker Corus and luxury car manufacturer Jaguar Land Rover into the Tata stable.

Around two-thirds of its revenue is generated overseas. The group posted revenues of $83 billion in the financial year ending in March 2011, and is expected to see revenues of $100 billion in the year that ended last month, the newspaper said. (Reporting by Henry Foy in MUMBAI; Editing by Ranjit Gangadharan)

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