Jamshedpur: 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 H M Nerurkar, he said, "We, however, did better compared to other companies in the open
market."
 
The group was USD 5 billion in size when Tata took over the reins in 1992, but it is going to be a USD 100 billion conglomerate this year.
 
When urged by President of Adityapur Small Industries Association (ASIA) R K 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."

 On Tata Steel Europe (formerly Corus), another global major brand acquired by the Group, Tata admitted that it needed investment and said the likely improvement in the economic situation would help the company.
    
Tata said, "It (Tata Steel Europe) was performing in negative due to various reasons including the prevailing economic conditions there and high cost of raw materials."
   
"Our European operation need investment. Let the economic condition improve there, which I hope would take place fast, and (then) we will plan it out," he added.
    
Tatas had acquired the Anglo-Dutch firm Corus Group for about British Pound 4.3 billion (about Rs 36,000 crore) in 2006.
    
When urged by President of Adityapur Small Industries Association (ASIA) R K 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."
    
On the need to set up an international airport in Jamshedpur, he said, it was not possible in the city but it could be set up in the vicinity or outside the steel city.

(Agencies)