Jamsetji Tata(① 詹姆塞特吉·塔塔（1839-1904...), the Victorian founder of his family’s business empire, dreamed big. He had four ambitions: to open a world-class hotel in India; to build the country’s first steel plant; to power Bombay (now Mumbai) with hydroelectricity; and to establish an Indian scientific institute to rival those in Europe. Though sceptics(怀疑者) scoffed(嘲笑；讥讽), all were eventually realised.
詹姆塞特吉·塔塔，这位维多利亚时代家族商业帝国的创始人，胸怀大志。他有四个抱负：在印度开设一家世界级酒店；建造该国第一座钢厂；用水力发电为孟买（今孟买）供电；以及建立一所堪与欧洲媲美的印度科学研究所。尽管怀疑者嗤之以鼻，但所有目标最终都得以实现。
Today the Tata Group is one of India’s largest conglomerates(企业集团), selling everything from salt to software(从盐到软件，形容业务范围极广). It is still dreaming. But investments in its new ventures—an airline, a digital “super-app”, smartphones and semiconductors—are absorbing(吸收；消耗) vast amounts(大量的；巨额) of capital.
如今，塔塔集团是印度最大的企业集团之一，销售从食盐到软件的各种产品。它仍在做梦。但对新业务——一家航空公司、一个数字“超级应用”、智能手机和半导体——的投资正消耗着巨额资金。
Concerns about capital allocation(资本配置) have contributed to a boardroom dispute. Sixty-six per cent of Tata Sons, the group’s holding company, is owned by Tata Trusts, one of the world’s largest charities(慈善机构), established by the family over many years, which funds health care, education, poverty alleviation and culture. In February Noel Tata, the Trusts’ chairman, withdrew his support for Natarajan Chandrasekaran to have a third five-year term running Tata Sons. The two met to clear the air(消除隔阂；缓和气氛) before a board meeting in May, at which some of the group’s lossmaking(亏损的) new entities gave presentations. At issue are the future of these ventures, whether the company should remain private, how to find an exit for a minority shareholder(少数股东) and a potential succession plan for Mr Chandrasekaran. None of these issues was resolved at the latest board meeting on June 12th.
对资本配置的担忧引发了董事会争端。集团控股公司塔塔之子66%的股份由塔塔信托持有，这是世界上最大的慈善机构之一，由家族多年建立，资助医疗、教育、扶贫和文化事业。今年2月，信托董事长诺埃尔·塔塔撤回了对纳塔拉詹·钱德拉塞卡兰连任塔塔之子第三个五年任期的支持。两人在5月董事会会议前会面以消除隔阂，会上集团一些亏损的新实体做了陈述。争议的焦点是这些企业的未来、公司是否应保持私有、如何为少数股东寻找退出途径以及钱德拉塞卡兰的潜在继任计划。在6月12日的最新董事会上，这些问题无一得到解决。
