Tatas say no to aviation, banking

Chennai: The Tatas have ruled out entering into aviation as well as banking sectors. The group is neither interested in entering into aviation sector nor thinking of floating a bank in the near future, Kishore Chaukar, director, Tata Sons and managing director, Tata Industries Ltd told reporters on the sidelines of a two-day national summit on Corporate Social Responsibility organised by Confederation of Indian Industry (CII) here on Thursday,
“When we wanted to enter the aviation sector sometime back we were not allowed. It should have happened when there were opportunities. But I feel it is not a right moment for us to enter the sector,” he said.
He said the group's recent acquisition of less than 7% stake in Delhi-based SpiceJet is only a financial investment. “We are interested in aviation sector. It does not mean that by picking up stake in SpiceJet is the entry point for Tatas to re-enter this sector. It is purely a commercial investment and the Tata group investment companies will continue to look out for such opportunities,” he said.
15/06/07 Financial Express

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Categories: New Jun 2007