Fortune 500 Tata Steel bullish on Sri Lanka

Buoyed by Sri Lanka's growth, Tata Steel, the Indian conglomerate, Tata Group's victorious Fortune 500 entrant this year, wants to expand its presence in the country. "Now we are very comfortable about our long-term commitment in Sri Lanka. We want to invest more here," said Executive in Charge, Global Wires of India's TATA Steel Ltd, Sunil Baskaran. He also paid a courtesy call on Minister Bathiudeen together with CEO, Lanka Special Steels Ltd - the Sri Lankan subsidiary of Tata Steel, C. Srivatsan, Head, Finance and Accounts of Lanka Special Steels Ltd,Pravin De Silva.

For the first time in the Fortune 500 history, this year Tata Steel and Tata Motors have entered global rankings. Tata Steel is ranked at 401 and Tata Motors at 314. The conglomerate Tata Group is considered as India's number one firm. It comprises over 100 operating firms in communication and information technology, engineering, materials, services, energy, consumer products and chemicals and operates in more than 80 countries. According to a spokesman for the Tata Group, the total revenue of Tata companies, is $83.3 b in 2010-11, with a 58 percent contribution from business outside India. Tata companies employ over 425,000 people worldwide.

Tata Consultancy Services (TCS), it's IT consultancy and service arm represents 10 percent of the total Indian IT services industry revenue. "Sri Lanka has a bright future.

We are now looking at investing here on a 10-15 year time line and no less. We at Tata see the entire world and to us Sri Lanka is promising. This is nothing compared to Europe" said Baskaran.

Minister Bathiudeen said: " I believe this is the right time for Tata to expand and your expansion here will be a boost to our metal and steel sector. We invite Tata Group to partner with the new Sri Lanka. We will offer any support. You are already present here for sometime as Lanka Special Steels Ltd, giving employment to 150 people."