New Delhi, Oct. 13 -- Tata Sons Chairman N Chandrasekaran on Tuesday urged caution as the group pursues its $120 billion investment in future growth, saying it cannot be "reckless" and must protect its balance sheet and assess demand amid boardroom tensions.

Speaking at Bloomberg's New Economy Forum in New Delhi, he said the group would continue to invest in projects such as semiconductor chips, which India and the world need. He acknowledged that such projects can be slow to deliver returns amid a tussle with Tata Trusts Chairman Noel Tata, who has pushed for quicker returns.

Chandrasekaran said the group must avoid undue risks and keep an eye on its balance sheet and demand. On whether an investment is financially viable, he said the ...