The Tata group is planning to invest over $2 billion in its telecommunications business in the next two years.
Tata Industries managing director Kishore Chaukar said this on the sidelines of an industry summit in New Delhi on Sunday.
He added that several other Tata group companies were planning overseas investments, especially in East Asia.
The Tatas were likely to make some fresh investment in Daewoo Commercial Trucks, which it bought last week, Chaukar said, adding that sizeable investment was also planned in its direct-to-home television business.
Substantial investments are also expected to be made by Tata Steel, which recently announced a major expansion programme.
"We will invest over $2 billion in strengthening Tata Teleservices' infrastructure. This will be in addition to the $1.5 billion invested earlier," Chaukar said.
The proposed investment would be a combination of debt and equity, he added. The increase in investment follows Tata Teleservices acquiring a unified telecom licence.
According to institutional sources, the operating revenue of Tata Teleservices at the end of 2002-03 is estimated at Rs 241 crore (Rs 2.41 billion), against Rs 148 crore (Rs 1.48 billion) in the previous year.
Chaukar declined to outline the investment earmarked by the group for its different businesses. But he said a significant portion of the planned investment would be made overseas as Tata group companies were trying to get a foothold in the global market.
Chaukar said companies like Tata Automotive Company, Tata Motors, Tata Consultancy Services and Tata Steel were increasingly focusing on growing markets in East Asia.
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