Thursday, July 19, 2007

Tatas eyeing $50 billion turnover by FY08

Tata Group expects to more than double its turnover to $50 billion this fiscal with the acquisition of Anglo-Dutch steel firm Corus. Steel and overseas operations would contribute in a large proportion. UK might be its largest source of overseas revenues this year, which was US in the last year. They also plan to set up a plant in South Africa.

"We should touch the $50 billion turnover mark in FY08. With a 30 per cent growth this year, our $22 billion turnover in FY07 will become $28 billion in FY08. Corus would bring in an additional turnover of $22-23 billion," a top Tata official said here today. The Ratan Tata-led corporate major is also betting big on its inter national businesses, which are expected to contribute 50 per cent of the total turnover in 2008. In 2006-07, the international business contributed only 30 per cent of the $22 billion turnover, which worked out to $6.7 billion.

Echoing the oft-repeated Tata group's claims of going in for inorganic growth to fuel expansion, the official said if there was any good business opportunity, then the group would definitely evaluate it.
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