The group, which has nearly 100 companies under its wing, said it plans to invest the money in sectors such as power, steel, automobiles, telecoms and chemicals.
"We have become a significant player globally in each of the sectors that we are present in," Tata Industries managing director Kishor A. Chaukar said in a weekend interview with the Press Trust of India.
He told the news agency that the group would invest as much as $27 billion in the next five years, most of it in its home Indian market.
When asked about the expected revenues of the group after the investment, Chaukar said: "It will be more than double in less than five years. I think it'll be around $140 billion to $150 billion."
Tata Industries is one of the investment arms of the Tata group.
The commitment comes as India's largest conglomerate seeks a successor to its chairman, Ratan Tata, 73, who plans to step down in December 2012.
Ratan, one of India's most respected corporate chiefs, has overseen a 40-fold increase in the group's revenues from 1991 when he took the reins of the family company.
The deadline for finding a replacement for Ratan has been extended to the end of May from an initial deadline of March after the search committee said it was having trouble finding a successor.
The planned investments include projects already in the pipeline such as a $3.7-billion power plant in western Gujarat state and a $4.4-billion steel plant in the central state of Chhattisgarh.