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Companies

Tata loses growth momentum over digital-driven Reliance

Venerable Indian conglomerate hit by slump in auto and steel businesses

Smoke rises from Tata Steel's plant in the Netherlands. Tata Steel reported a net loss of 44 billion rupees in the quarter ended in June, dragging down Tata Group's financial performance.   © Reuters

TOKYO -- Tata Group, India's biggest conglomerate by revenue, is stuck in the doldrums. Its flagship car and steel businesses, which made Tata famous around the world thanks to high-profile overseas acquisitions, have become a drag on the group over the past two years.

Of the group's main operations, the only one that is growing steadily is Tata Consultancy Service's IT business. Overall, net profit from the three key businesses has fallen by more than half in the two years through March 2020 to 216.6 billion rupees ($3 billion).

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