The
values at the heart of the Tata Group as well as the role played in
its development by the philanthropic trusts that own two-thirds of
the company are explored in a new book that is a brief history of the
Tatas. How did Tata transform itself from a family-owned venture to
the position it is today in an array of unrelated businesses? What is
the 'Tata Way', which has earned it much admiration and respect?
These are among several aspects that the book "The Greatest
Company in the World?: The Story of Tata" by Peter Casey looks
into. It charts the contribution of every Tata chairman - from
Jamsetji Tata, who set up the company in 1868, to Ratan Tata and
Cyrus Mistry in transforming the company into one of the most
professionally-managed enterprises in the world. As founder and
Executive Chairman of Claddagh Resources, Casey decided to write the
book initially to help his recruiters and executive search
consultants have a better understanding of Tata Consultancy Services
(TCS), which over 14 years, had become his company’s biggest
client. "It was supposed to just be a short 15-page summary, but
the more I started studying TCS and Tata, the more captivated I got
and the project developed a life of its own," he says. According
to the writer, while other successful capitalists and captains of
industry started companies to create profit and, thereby, wealth,
Jamsetji Tata planted the seeds of philanthropic trusts, which now
own 66 per cent of the Tata Group. "In harmony with his
religion, Tata's company would exist to finance and initiate projects
to improve the lives of the people of India," he says. "So,
Jamsetji Tata became not only a catalyst for sweeping change in his
vast homeland, but, in the process, conceptualised an entirely new
way of doing business as well as philanthropy. What he began has
changed the lives of billions, as the company he founded continues to
work for the betterment of society," he says. In the words of
Jamsetji, "We think we started on sound and straightforward
business principles, considering the interests of the shareholders
our own, and the health and welfare of the employees, the sure
foundation of our success." Today, the Tata Group employs nearly
half a million people, and earns revenues of USD 100 billion. It
reported a profit of USD 6.23 billion in 2011-12, and controls assets
valued at USD 77.7 billion. "The philanthropic trusts control a
majority of the Tata holding company, Tata Sons. The Tata family is a
very small shareholder. Yet, the owners are only one of four
stakeholders Tata sets out to serve. In addition to the owners (which
include shareholders) are employees, customers, and society itself,"
the book, published by Penguin, says. "The guiding principle for
everyone at Tata is sharing the wealth. With Tata reporting annual
profits in 2012 of USD 6.23 billion, this means that a very large
amount of money is invested back into the economy every year just
from this one source," it says. The members of the Tata family
have established a set of philanthropic trusts to which the majority
of the family’s personal wealth has been dedicated and bequeathed.
Like their father, Dorabji Tata and Ratan Tata also donated the
majority of their personal wealth to trusts they established. The
book also talks about Jamsetji Tata's successor Dorabji Tata's
passion for sports and how he advocated India's participation in the
Olympics as early as 1919, much before the nation had established its
own Olympic committee.
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