No end to suspense over Tata successor

The suspense over succession at the Tata Group continues with Ratan Tata declining to say anything concrete on this. Tata simply said the selection committee was yet to decide on the person to take over. "I don't have anything to say. There is a committee in place and it will find the right person. I faced the same kind of thing when I took over from JRD. Obviously, nobody can do the job for ever and we all have to move on," the Tata Group chairman said at Tata Consultancy Services' annual general meeting in Mumbai.

Ratan Tata's half brother Noel Tata is among the contenders for the top post. Ratan Tata wants to groom his successor from this year itself so that the transition is smooth when he retires in December 2012.

About TCS, Tata said that the company whose total revenues have crossed $8 billion would make capital investment of $515 million (Rs 2,300 crore) during the current financial year.

TCS has been looking for further investment opportunities in other markets such as Latin America, Middle East and Asia, he said, adding that the company would focus on strengthening the retail and hi-tech segment in the current year.

Tata said that though the demand for services offered by Indian technology companies has been on the rise, the currency volatility, wage hike and growing competition from multinational firms such as IBM and Accenture is posing a risk to this sector.