Mumbai, India (4E) – Tata Group chairman Ratan Naval Tata has officially stepped down from his post Friday, marking the end of an era that saw the company become India’s largest industrial firm and one of the world’s highly respected brand.
The company also said that chairman-designate Cyrus Mistry will take over the position beginning Saturday.
Mistry has been involved with the conglomerate firm since 2006 and has held various roles within the company. He comes from the Shapoorji Pallonji family, which owns the biggest private stake in the group’s holding firm.
Tata went to Cornell University and Harvard University and started working for Tata Group in 1962. He was responsible for a series of major acquisitions since he took over as chairman when he succeeded JRD Tata in 1991.
Among the acquisition deals he oversaw were the takeover of Tata Tea of Tetley for $450mn in 2000, the $12.1bn purchase by Tata Steel of Corus in 2007 and the acquisition of Jaguar Land Rover by Tata Motors for $2.3bn in 2009. These acquisitions allowed the group to become a $100bn company.
Tata also played a major role in the introduction of the Tata Nano, the world’s cheapest car. He announced a bold revenue target of $500bn by 2020 for the company last April.