Ratan Tata, an iconic high profile corporate leader of a $100 billion Tata group, retired as Chairman of Tata, marking end of era.
Leading to India’s largest business empires, Tata Group, Ratan has ended his 50-year old journey on Friday, not came to his office at last day as the leader of oldest empire is in Pune for his birthday.
Today, Ratan turns to 75 and to fill the vacant space of the owner-promoter at Tata Group, the company has appointed 44-year-old Cyrus Mistry.
Mistry was chosen by a 5-member panel last year to succeed Ratan Tata, has made a visit to Bombay House today. He is the second largest shareholder after the Tata Trusts of owning 18 % stocks of Tata Sons by his family firm Shapoorji Pallonji.
Report suggested that Mistry will take charge of the new assignment on Saturday for a year, adding that he chose the group company Tata Motor’s entry-level sedan Indigo Manza to travel to work.
During Ratan Tata’s tenure, Tata Group’s revenue rate turned to total of $100.09 billion in 2011-12. In 1991, Ratan’s uncle JRD Tata choose him as his successor to boost and moved the group at peak level for 21 years as its Chairman. A era had faced several ups and down in his tenure as in form of hard and bold decisions that lead to standards for corporate in globalisation, large global acquisitions as well as liberalization.
The global conglomerate acquisitions that positioned the group at high standard included Tata Tea’s acquisition of Tetley in 2000, Tata Steel’s take over of Anglo-Dutch rival Corus in 2007 and Jaguar Land Rover by Tata Motors in 2008.
