Rattan Tata, Chairman of Tata Sons, the holding company of the Tata group, had an emotional attendance at the Annual General Meeting, his last as the Chairman. Rattan Tata is due to retire in December this year upon attaining the age of 75 years.
Rattan Tata has been instrumental in steering the group in newer directions and also in 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 in December, 2012. Cyrus Mistry has been 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.