Indian-origin billionaire Pallonji Shapoorji Mistry added $2.8 billion to his wealth last year, helped by a 73 percent surge in Tata Consultancy Services Ltd. that was the best performance in the S&P BSE Sensex index.
India’s benchmark stock index will climb as much as 6 percent to a record by year-end if state election results this weekend confirm gains by the nation’s main opposition party, according to a Bloomberg survey.
Cyrus Mistry, chairman of Tata Sons Ltd., is writing down the value of some of the $15.5 billion assets purchased by his predecessor over two decades to boost the allure of India’s biggest corporate group.
Tata Sons Ltd. Chairman Cyrus Mistry, chasing his predecessor’s vision of boosting revenue fivefold in the next decade, is searching for a head of mergers and acquisitions, a person familiar with the plan said.
Tata Steel Ltd., India’s biggest producer of the alloy, plans to raise about 260 billion rupees ($4.7 billion) in loans to fund its first new mill in a century, two people with direct knowledge of the deal said.
Tata Motors Ltd., maker of the world’s cheapest car, is turning to China to buy autoparts unavailable in India as it seeks to offer vehicles with automatic transmission at home, Chairman Ratan Tata said.
Two weeks into his new role, Karl Slym, managing director of Tata Motors Ltd. plans to scrap models and change perceptions about quality as India’s biggest automaker struggles to stem losses in market share.