Ratan Tata expresses confidence in Narendra Modi, says PM will create 'new India'

The veteran industrialist said that he has closely seen the prime minister since his days as chief minister of Gujarat.

New Delhi: Showering praise on Narendra Modi, Ratan Tata, the Chairman Emeritus of Tata Sons, said the prime minister should be given an opportunity to transform India as he has built a vision for 'new India.'

In an exclusive interview to CNBC TV18, Tata eulogized Modi for his fast-paced decision making ability. The veteran industrialist said he has closely observed the prime minister since his days as chief minister of Gujarat.

He even recounts how Modi helped him transfer Tata Nano car factory from West Bengal to Gujarat by offering land in just three days.

“Modi as Prime Minister now is offering India, the Indian people, a new India. We need to give him that opportunity to offer that new India. He is able, capable and innovative enough to look at India afresh and I for one am optimistic that with his leadership, India will be that new India which he has promised,” he said.

Tata also said he will support startups that have founders who have passion to build sustainable company rather than scaling it up just to sell it.

"A founder who has a passion to stay with something and build it into a sustainable company is somebody I tend to support," he said in an interview to CNBC TV18.

He further said that a founder who wants to scale up a company just to sell it is not the one, obviously, you want to be with.

He said when he was the Chairman of Tata Sons, he could not take up investments in the startups as it would have conflicted with what Tata's were doing.

"Now I am a free person and its invigorating to do this and I am meeting a lot of young people who one day will be the leaders of the industry," Tata said.

Stressing upon the need to have vision, Tata said he would not invest in the business where he doesn't have any interest.

"I am not going to invest in a business where I have no interest in, so the vision of the startup is important," he said.  

Meanwhile, the Tata group, is planning to convert itself into a private limited firm from a public limited one, which has been opposed by the family of ousted chairman Cyrus Mistry.

In a notice to shareholders ahead of its annual general meeting to be held on September 21, the company's board had sought approval through special resolutions to amend its article of associations to bring about the change.

It has also sought to amend the memorandum of association to change its name to Tata Sons Pvt Ltd from Tata Sons Ltd.

The proposed switch, according to Tata Sons, is chiefly because its status of 'deemed public company' is not statutorily recognised under the Companies Act, 2013.

The move has, however, been objected by the Mistry family, which holds 18.4 percent stake in Tata Sons, while Tata Trusts holds 66 percent.

With PTI Inputs