The road ahead for Tata Motors continues to be challenging but with a number of opportunities, its Chairman said in a shareholders meeting on Wednesday.

“The Indian operations were impacted by the slowdown in the domestic sector, high interest rates and stagnation of industrial growth in sectors such as mining and infrastructure,” Cyrus Mistry said in his maiden shareholder address.

Overseas investment

According to Mistry, there were efforts to “fast-track” large investment infrastructure projects and attract foreign investment across sectors.

Schemes such as the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), wherein the Government had approved funding for 10,000 buses for urban transportation, would help in companies during these turmoil times. “Tata Motors will be eager to engage in a constructive dialogue with the Government for the overall transportation strategy, which will also incentivise and stimulate the use of fuel-efficient compression engines and other technologies…,” he said.

On global markets, he said the US economy was likely to recover, Europe would continue its sluggish recovery, while China and South-East Asia will continue to grow.

“But Africa and Latin America are growth markets,” he added.

“Mr Tata (former Chairman Ratan Tata) enjoyed your unstinting support, and I request the same from all of you for years to come,” he said, ending his speech.

rajesh.kurup@thehindu.co.in

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