We were conservative about open market but changed: Ratan Tata

Tatas used to be conservative about liberalisation but changed themselves after India globalised its economy and opened up the market in 1991, performing better than other companies, Tata Sons Chairman Ratan Tata has said.

"We were too conservative about the liberalisation but tried to change when market was opened in 1991," Tata said at an interactive session organised by Singhbhum Chamber of Commerce and Industries (SCCI) here last evening.

Flanked by his successor-designate Cyrus Mistry and Tata Steel Managing Director HM Nerurkar, he said, "We, however, did better compared to other companies in the open market."

The group was $5 billion in size when Tata took over the reins in 1992, but it is going to be a $100 billion conglomerate this year.

When urged by President of Adityapur Small Industries Association (ASIA) RK Sinha to buy auto parts from local ancillary units, Tata said, "Ancillary products are being bought from Punjab and Gujarat on accounts of quality and sophistication of products."

He added, "We are eager to become partner in your growth but we cannot compromise with quality. We will not compromise with the quality of the products at any cost."