India Tata group to invest $26bn

The group encompasses more than 90 companies

India's Tata group plans to invest $26bn over three to five years to expand its business both in India and abroad, the company said.

The Mumbai-based business's interests range from engineering and energy to consumer goods.

The group will invest in tea, steel, information technology and hotels outside India, the company added.

The Tata Group encompasses more than 90 companies, which produced total sales of more than $22bn last year.

The group is best known outside India for owning Tetley Tea, which it bought in 2000.

It also owns Tata Consultancy Services, India's largest software services firm.

The group has been on an acquisition and investment spree overseas in recent years.

Suspended

Earlier this week it bought a 30% stake in Glaceau, a US manufacturer of specialist bottled waters, for $677m (£358m) - boosting its US interests.

Last year, the group announced an investment of $1.1bn in Iran where it plans to build three steel plants.

In July, Tata suspended work on a $3bn investment in Bangladesh because of delays by the government.

It planned to build a power plant, steel mill and fertiliser factory in the country, making it the single biggest investment in the country.

The BBC's Zubair Ahmed says Indian firms are fast emerging as global players with their foreign direct investment and acquisitions activity in the last few years.