The Tata group is planning to invest proceeds from the forthcoming initial public offer of Tata Consultancy Services in biotechnology, life sciences and financial services, including insurance.
J J Irani, director, Tata Sons, told reporters here on Wednesday, "The Tata group intends to be present significantly in emerging fields such as biotechnology, life sciences and financial services. The money obtained from the IPO will be utilised towards such emerging areas."
"The Jamshedji Tata Trust and Naval Tata Trust will get Rs 1,500 crore (Rs 15 billion) each from the proceeds of the IPO," Irani added.
Irani said the group has no plans to enter either aviation or airlines, since it did not make much of a headway in the two segments.
The group is also planning to invest Rs 20,000 crore (Rs 200 billion) over two-three years in the telecommunications business. This will be in addition to Rs 6,000 crore (Rs 60 billion) that the group has invested thus far in the sector.
Irani, director, said, "Unlike the steel sector, telecommunications goes through a cycle of growth with potential to realise the return on investment. Though the slope of growth may not be steeper, there is no cycle of ups and downs as it does not depend on supply and demand."
Meanwhile, President A P J Abdul Kalam will kick off the tri-centenaries of Tatas in Bangalore on July 30. As part of the occasion, a year-long series of events will be launched from the Indian Institute of Science, which was founded by Jamsetji Nusserwanji Tata.
According to Tata Sons director Jamshed J Irani, the House of Tatas will announce a surprise gift to the nation, which will tap the enormous potential of India's natural and human resources, with a special focus on education and healthcare.
"The tri-centenary programmes will have an exhibition on the products and services of the Tata group, quiz contests, commemorative lectures, seminars, adventure and sport activities. A series of books and souvenirs on the role and contribution of the Tatas will also be released on the occasion.
"Though we were planning to have the inaugural event in Mumbai or Delhi to suit the convenience of the President, Kalam was gracious to suggest Bangalore in recognition of the contribution Jamsetji and JRD made for the development of science and technology in the country," Irani said.
The Tatas plan to invest billions of rupees in the centenary project. The exhibition will be displayed in leading cities across the country.
