Rattan Tata, Chairman of Tata Sons, the holding company of the Tata group, has retired from his position upon attaining the age of 75 years. He was given an emotional send-off by the staff at Bombay House, the group headquarters in Mumbai. Rattan Tata has been instrumental in steering the group in newer directions and also consolidating the revenues of the group, which are now in excess of Re. 3300000 Cr. Rattan had proved the skeptics wrong with his purchase of the loss-making Jaguar Land Rover, which now makes up 40% of the total group profits as well as 60% of its revenues. Another global acquisition made by Rattan was Corus, the UK steel-maker.
Cyrus Mistry will succeed him as Chairman of Tata Sons. Cyrus Mistry has ben Chairman of Shapoorji Paloonji Mistry group which is the single biggest shareholder in the Tata group. Besidesm Cyrus is also on the boards of several other companies. This is the first time in the Tatas' history that a non-Indian will chair the group. Earlier, he was appointed Deputy Chairman of the group by Rattan Tata.