India-based conglomerate Tata Group, parent of Tata Steel, has announced that it will invest $26 billion in the domestic market in the next five years, i.e., 2011-15. The company stated that with this announcement it aimed to eliminate speculation that it would switch its focus to the foreign markets.
Kishor Chaukar, director general of Tata Group subsidiary Tata Industries Limited, affirmed that the group will be mainly investing in the development of the electric power, steel and automobile sectors in India. He said the annual income of the group is targeted to reach $150 billion by 2015.
Tata Group has so far launched part of its new programs, including the $3.7 billion 4 million KW power station in Gujarat, India.