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The Tata group will double the number of its active patents to 4,000 in the next three years as chairman Cyrus Mistry eyes a market capitalisation comparable with the 25 most valuable companies in the world.
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Tata group companies had a market capitalisation of $125 billion (Rs 8.02 lakh crore) on May 7, according to the group’s website. US-based Verizon Communications is the 25th most-valued company in the world, with a market capitalisation of $202 billion.“Technology is going to be the key differentiator in our growth,” said Gopichand Katragadda, group chief technology officer at Tata Sons, on the sidelines of the Tata group’s innovation award, Tata Innovista.
Katragadda is one of Mistry’s key hires since taking over the reins of the group two years ago. “We will use these patents to enhance our products and services and not look at licensing them,” Katragadda said.
The group has identified areas such as energy security, for which work will be done on better use of coal by the group’s power and steel plants. Work will also be undertaken in renewable energy and food security. The other areas are consumer electronics and digitisation.
The Tata group spent Rs 16,000 crore, 2.5 per cent of its Rs 6.2-lakh-crore revenue in 2013-14, on research and development in more than 100 companies. In 2014-15, the group’s top 60 innovations are expected to deliver a financial benefit of $1.1 billion annually.
Tata Innovista 2015 received 1,580 entries under the promising innovations’ category, up from 101 in 2006. Winners of the award for the new products category include Jaguar Land Rover for the sport pedestrian airbag system and Metahelix Life Sciences for a hybrid rice seed.
