India's Tata plans to invest more than $9.7b over 2 years

MUMBAI (REUTERS) - India's salt-to-software conglomerate Tata Group plans to invest more than 450 billion rupees (S$ 9.76 billion) over the next two years, its newly appointed Chairman Cyrus Mistry wrote in an internal mail on Wednesday.

Mistry, who has taken over as chief of India's biggest corporate grouping from Ratan Tata, did not elaborate on the investment plans in the mail to employees that was seen by Reuters.

"With a sustained focus on policy stability and implementation, I believe that India would continue to be an attractive investment destination," he said in the mail, referring to the government's recent economic reform measures.

"I look forward to our group playing its role in continuing to invest in the Indian growth story." Mistry was named chairman designate in November 2011 and his appointment was formally announced by the board of Tata Sons , the group holding company, last month.