Tata Reorganises Realty and Infrastructure BusinessTATA SONS LTD (5:30PM)
Business Wire India
Tata Sons today announced the reorganisation of its Realty and Infrastructure businesses in order to simplify structures, leverage synergies and scale business rapidly.
The longer cycle businesses of Infrastructure Development and Concessions, will be headed by Sanjay Ubale. He has been appointed as Head – Infrastructure and Urban Solutions, Tata Sons, and will report to Banmali Agrawala, President - Infrastructure, Aerospace & Defence, Tata Sons. In addition, Sanjay Ubale will also work closely with the Group Chairman on State related policy matters.
Tata's realty business now will include Commercial Real Estate and Housing businesses and will be run as a joint business. Sanjay Dutt has been appointed the new Managing Director of Tata Realty and Infrastructure and will also oversee the operations of Tata Housing Development Company. Sanjay Dutt is currently CEO, India Operations and Private Funds at Ascendas - Singbridge and will take charge of his new role from 1st April 2018.
"The Real Estate and Infrastructure businesses will both continue to grow given the needs of India's fast-growing economy, and the Tata Group has the resources, skills and scale to make a significant impact. I would like to wish Mr. Ubale and Mr. Dutt the very best in their new roles and I am confident that they will be able to make a significant impact on the business," said N. Chandrasekaran, Chairman, Tata Sons.
"Given that development of world-class infrastructure would be key to India's economic growth, I am very excited to be part of this journey in my new role," said Sanjay Ubale.
"This is a great opportunity to build scale in a growing sector like Real estate. I look forward to working with competent professionals in these companies to scale up the business to new heights," said Sanjay Dutt.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2016-17, the revenue of Tata companies, taken together, was $100.39 billion. These companies collectively employ over 695,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $130.13 billion (as on March 31, 2017). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
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