A C K N O W L E D G E M E N T to Undertake Such a Huge Project And
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Page 11 of of 9292 A C K N O W L E D G E M E N T To undertake such a huge project and to achieve the desired goals one needs quite a lot of guidance and support .. I am very much obliged and indebted to Mr. Alok Ranjan , Area Business Manager K K olkata (Tanishq) , for granting me the permission to work in the organization and providing various sorts of assistance required for preparing the project. I would like to express my profuse thanks to our respected Co-ordinator, Mrs. Rupa Bhattacharya for her exuberant encouragement during the course of the project. I am sure that the knowledge imparted will go a long way in enriching my career. Page 22 of of 9292 Tata Group ± Introduction Tata Group is an Indian multinational conglomerate company headquartered in the Bombay House in Mumbai, India. In terms of market capitalization and revenues, Tata Group is the largest private corporate group in India. It has interests in chemicals, steel, automobiles, information technology, communication, power, beverages, and hospitality. The Tata Group has operations in more than 80 countries across six continents and its companies export products and services to 80 nations. The Tata Group comprises 114 companies and subsidiaries in eight business sectors,27 of which are publicly listed. 65.8% of the ownership of Tata Group is held in charitable trusts. Companies which form a major part of the group include Tata Steel (including Tata Steel Europe), Tata Motors (including Jaguar and Land Rover), Tata Consultancy Services, Tata Technologies, Tata Tea (including Tetley), Tata Chemicals, Titan Industries, Tata Power, Tata Communications, Tata Teleservices and the Taj Hotels. The group takes the name of its founder, Jamsedji Tata, a member of whose family has almost invariably been the chairman of the group. The current chairman of the Tata group is Ratan Tata, who took over from J. R. D. Tata in 1991 and is one of the major international business figures in the age of globality. The company is currently in its fifth generation of family stewardship. The 2009 annual survey by the Reputation Institute ranked Tata Group as the 11th most reputable company in the world. The survey included 600 global companies. The Tata Group has helped establish and finance numerous quality research, educational and cultural institutes in India. The group was awarded the Carnegie Medal of Philanthropy in 2007 in recognition of its long history of philanthropic activity . History The beginnings of the Tata Group can be traced back to 1868, when Jamsetji Nusserwanji Tata established a trading company dealing in cotton in Bombay (now Mumbai), British India.This was followed by the installation of 'Empress Mills' in Nagpur in 1877. Taj Mahal Hotel in Bombay (now Mumbai) was opened for business in 1903. Sir Dorab Tata, the eldest son of Jamsetji Tata became the chairman of the group after his father's death in 1904. Under him, the group ventured into steel production (1905) and hydroelectric power generation(1910). After the death of Dorab Tata in 1934, Nowroji Saklatwala headed the group till 1938. He was succeeded by Jehangir Ratanji Dadabhoy Tata. The group expanded significantly under him with the establishment of Tata Chemicals (1939), Tata Motors, Tata Industries (both 1945), Voltas (1954), Tata Tea (1962), Tata Consultancy Services (1968) and Titan Industries (1984). Ratan Tata, the incumbent chairman of the group succeeded JRD Tata in 1991. Page 33 of of 9292 CCorporate Social Responsibility Ratan Naval Tata, the chairman of Tata Group; noted philanthropist.t. One Tata project that brought together Tata Group companies (TCS, Titan Industries and Tata Chemicals) was developing a compact, in-home water-purification device. It was called Tata swach which means ³clean´ in Hindi and would cost less than 1000 rupees ($21). The idea of Tata swach was thought of from the 2004 tsunami in the Indian Ocean, which left thousands of people without clean drinking water. This device has filters that last about a year long for a family of five. It is a low-cost product available for millions of Indians who have no access to safe drinking water in their homes.The advantage of this device is that it does not require the use of electricity. TCS also designed and donated an innovative software package that teaches illiterate adults how to read in 40 hours. ³The children of the people who have been through our literacy program are all in school,´ says Pankaj Baliga, global head of corporate social responsibility for TCS. Tata adheres to a philosophy of providing some of the poorest people in the world with products that improve their future (and those of their children) at values they can afford, while maintaining enough profit to keep the company competitive. In 1912, Tata Group expanded their current CEO¶s concept of community philanthropy to be included in the workplace. They instituted an eight-hour workday, before any other company in the world. In 1917, they recommend a medical-services policy for Tata employees. The company would be among the first worldwide to organize modern pension systems, workers¶ compensation, maternity benefits, and profit-sharing plans. In general, about 66% of the profits of Tata Group go to charity and executives made it clear that they have no intention of leaving control to Wall Street. The charitable trusts of Tata Group fund a variety of projects, for example the Tata Swach and the TCS project. They founded and still support such cherished institutions as the Indian Institute of Science, Tata Institute of Fundamental Research, the National Centre for the Performing Arts and the Tata Memorial Hospital. Each Tata Group company channels more than 4 percent of its operating income to the trusts and every generation of Tata family members has left a larger portion of its profit to them. This makes the Tata family evidently less wealthy as individuals than other Indian family-owned companies. Green environment projects, donations, and charity are all examples of ways that companies support their community. Rata Tata¶s gesture after the 2008 Mumbai Attacks was humanitarian; he supported many people in India. He made sure that all the employees were treated on duty during the time the Taj hotel was closed; although the hotel was closed, salaries were still sent by money order. About 1600 employees were provided food, water, sanitation and first aid through employee outreach centers. Ratan Tata personally visited families of all the employees that were affected. The employee¶s relatives were flown to Mumbai from outside areas and were all accommodated in Hotel President for 3 weeks and taken care of. Going beyond taking care of their employees and dependents, Tata also covered compensation for railway employees, police staff, and pedestrians. Page 4 of 92 Tata's Ethics Tata Group has more than just a rule book of ethics; they have a Code of Conduct in which a Code of Ethics is established. Tata Group is a unique company; it¶s rigid ethic standards are so well set that most corrupt officials do not bother bribing with the Tata executives. The CEO as well as the directors of Tata Group want their company to be set in the right path. Chairman, Ratan Tata has said, µ¶I will certainly not join politics. I would like to be remembered as a clean businessman who has not partaken in any twists and turns beneath the surface, and one who has been reasonably successful.´ They believe that their company should follow good ethics and help society in the ways that they can. Distinguishing the good in the world, society and business community and determining the right actions the company should take, Tata Group and its representatives can go very far in society. Although the good points have been pointed out, many companies also go through hardships. They may encounter politics and accusations; Tata Group may not be seen as "perfect" in every eye. Many Tata executives seem to take on all challenges. They know they could appease some skeptics and critics by conquering high levels of growth ambitions during the financial crisis. However, instead they are reducing costs, putting acquisitions on hold, and investing in innovative endeavors such as supercomputers and manufacturing new materials. Furthermore they are figuring out how to develop their new innovations and ideas to other economies such as Africa and Latin America.Tata Group believes that business is not all about profit. If social benefits are one major goal of Tata¶s strategies, another is continuing growth in philanthropic industries as well. ³We are hard-nosed business guys,´ says Gopalakrishnan (an executive director of Tata Sons Ltd.), ³who like to earn an extra buck as much as the next guy, because we know that extra buck will go back to wipe away a tear somewhere.´ They raise high profits, but give a lot back to the society, whether from their trusts fund or the CEO¶s own pocket money. Tata Group has Trust departments that deal with social projects, etc. The projects had a greater purpose to them than just the profit they had made; they were beneficial to the society . Page 5 of 92 TATA - Mission and Vision Statement ³ At the Tata group we are committed to improving the quality of life of the communities we serve. We do this by striving for leadership and global competitiveness in the business sectors in which we operate. Our practice of returning to society what we earn evokes trust among consumers, employees, shareholders and the community. We are committed to protecting this heritage of leadership with trust through the manner in which we conduct our business´.