Here is a verbatim transcript of Sajeet Manghat's comments on CNBC-TV18. Also see the accompanying video.

Tata Group's flagship unlisted companies are yet to turn profitable. It’s the companies in insurance, DTH, telecom holding company and the newly launched real estate company that are making losses. 

The Tata Group is not to create wealth and many of the companies are very aggressive in terms of mergers and acquisitions. But some of this unlisted companies, which are into emerging sectors like insurance sector, Direct to Home (DTH), telecom are indeed bleeding. Tata AIG is one of the companies which was in news last week, when AIG was going through financial troubles. This company had made a loss of nearly Rs 339 crore in FY08 as against Rs 72 crore in FY07and in FY06 the loss was around Rs 54 crore. Its media venture Tata Sky which is a joint venture with Sky, is also making a huge loss. In FY08 the loss stood at Rs 864 crore for Tata Sky, in FY07 it was another Rs 815 crore and in FY06 the loss was at Rs 53 crore.

Also Tata Teleservices, a holding company of Tata Teleservices Maharashtra,  is a listed company. But a lot of investors have a stake in this company including Temasek. This company made a loss of nearly Rs 1,813 crore in FY08, in FY07 the loss was at Rs 2,062 crore and in FY06 the loss was at Rs 1,871 crore.

Apart from these three big companies, there are other companies like Tata Realty and Infrastructure, which began operations last year. It's making a loss of nearly Rs 14 crore, it's joint venture with Fiat India Limited which makes Palio in India and does all the maintenance and servicing for Palio is making a loss of nearly Rs 89.7 crore. Apart from that, there is another company which is a R&D company located in UK that made a profit of Rs 12.8 crore.