Tata Group, which has been a symbol of Indian capitalism, will lose an enduring entrepreneurial legacy on Friday when Ratan Tata, outgoing head of India’s Tata group, will retire on Friday ending a 50-year run in one of India’s oldest business empires.
Ratan Naval Tata, who turns 75 tomorrow on 28 December, will be formally handing over the reins of power to Cyrus Mistry as Chairman of Tata Sons on Friday.
Considered as one of the most-watched corporate searches in India, Tata Sons took an intense 14-month time to finally announce the name of the relatively unknown 43-year-old Cyrus Pallonji Mistry as the Chairman-Designate of the venerable Tata Group.
Under Ratan Tata, the group had grown from around USD 10 billion in revenues in 1991 to about USD 83 billion by 2011. The sleepy, underperforming entity he inherited from his uncle in 1991 was transformed into a global giant, with more than 100 companies operating in about 80 countries.
Creating a history, Tata this year became the first Indian company to reach USD 100 billion in revenues, which would place India’s largest company at the very pinnacle of global business.
It would be interesting to see if Cyrus Mistry would fit in the shoes of legendary business tycoon, Ratan Tata, which is a hard act to follow. Mistry will have to win the heart of millions of shareholders and must show he can deliver the mix of growth and probity that investors expected under his predecessor.
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