Tata is set to step down from the board of the Tata group in December, and will make way for Cyrus Mistry, who was appointed deputy chairman last November.
Here are the highlights from the AGM:
- North America, continental Europe and UK continue to be major markets, said Tata
- Tata added that new markets like Australia and the Middle East presented good opportunities
- The situation in the West continues to be a concern, warned the chairman
- The company is focusing on non-linear growth, he said
- Repeat business orders from existing clients remain strong, said MD and CEO N. Chandrasekaran
- The company is increasing global footprint by opening development centres in Peru, Chile, Ecuador and China, Chandrasekaran said.
- Global economic environment continues to be volatile, he added
- Recovery is going to be a prolonged process, he warned