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ta’s corporate strategy focuses on building a network of companies that are capable of thriving in 21st century global competition while still adhering to traditional values. Their strategic objective is to become a global leader across six core diversified businesses (steel, motor vehicles, power, telecoms, information technology and hotels) by fostering innovation and business excellence, while proactively pursuing inorganic growth opportunities in emerging and developed markets. Diversification provides Tata with tangible and intangible economies of scope and the ability to leverage diverse talent pool to innovate across businesses. Tata’s companies are able to develop competitive advantage in their respective products and markets by tapping into the Tata brand, abundant supply of low cost labor, technology expertise, and natural resources in India, and leveraging the cash generation capability of the Tata group to exploit acquisition opportunities.

Tata group companies have continued to distinguish themselves during the global economic downturn. Rather than exclusively focusing on operational transformation and cost reduction, Tata’s companies made bold investments to expand their global footprint by entering into new products and markets (acquisition of Corus steel in US, acquisition of Jaguar Land Rover, launch of Tata Nano in India, etc.) A SWOT analysis of Tata (see Appendix 1) clearly reflects that Tata focused on capitalizing their own areas of strength to exploit opportunities. As one of the largest business houses in India, Tata is uniquely positioned to leverage its brand name, work through dynamics of emerging markets, generate capital to fund acquisitions through internal accruals and external capital markets, and get access to acquisition targets across the world. Secondly, Tata’s companies benefit from an experienced leadership team that helped create common strategic objectives and guiding principles. In addition to being financial stewards and

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