Second time in the history of the Tata’s the $ 77.4 billion group - it has $ 83.3 billion in revenues has a non-Tata taken charge of the cockpit. Earlier it was Nowroji Saklatwala, who had been the group's Chairman between 1932 and 1938 before JRD Tata took over to lead the company till 1991. Wednesday was another historic day at the Tata Head quarters when the board of Tata Sons appointed 43-year-old Cyrus Pallonji Mistry as Deputy Chairman. The Tata group has over 100 operating companies and has operations in more than 80 countries. Over 58 per cent of its revenues come from businesses outside India.
The appointment put rest, to wide speculation for succession in this empire. Now the grooming Chairman will be taught the nuances by none other than the outgoing Chairman, the business icon of the country and the person behind the dramatic rise of the group, further to earlier peaks and setting new standards. So it will be Mr. Ratan Tata who shall be preaching the final syllabus to Mr. Mistry, before he sits full time. Mr. Ratan Tata praised the choice of selection committee and said that Mistry was intelligent and qualified to take on the responsibility being offered.
"I feel deeply honoured by this appointment. I am aware that an enormous responsibility, with a great legacy, has been entrusted to me. I look forward to Mr. Tata's guidance in the year ahead in meeting the expectations of the group," Cyrus Mistry said soon after his appointment.
Let us now see what has made this young man scale the tallest peak, graduate of the London Business School, Mr. Mistry is the youngest son of construction baron Pallonji Shapoorji Mistry. He holds Irish nationality and hails from one of the richest Indian families with a net worth of $7.6bn (£4.9bn). His family is also the single-largest shareholder in Tata Sons with a stake of 18%.
Do you think these have tilted the scales towards his appointment, not so, because the Tatas need a person who would develop the business and take the conglomerate to the next level along with minuscule analysis of the entire group. And so let’s take a closer look at his credentials, he was the Managing Director for Shapoorji Pallonji Group in 1994. During his tenure the construction wing of the group took a gradual giant leap from a turnover of $20m to almost $1.5bn. He was the driving force behind the Company’s diversification from just construction, to design and build and complex projects in the marine, oil and gas, rail sectors. And also was instrumental in foraying into over ten countries across the globe.
Some more feathers to his cap were, the company registered the construction of the tallest residential towers, the longest rail bridge, the largest dry dock and the largest affordable housing project, In India. These were the many firsts in the country, in that period. The company later forayed into the agriculture and bio fuels under his prospective plans.
Later in 2006, he joined the board of Tata Sons and has been a director in Tata Power and Tata Elxsi. The other caps wielded by him are he is also on the board of the Construction Federation of India, the Imperial College Advisory Board, the Board of Governors of National Institute of Construction Management and Research, and is a Fellow of the Institute of Civil Engineers.
So by now it would have dawned on the readers that his appointment is not just by choice but by credence of progress. Such a hectic man was never the face of the company and shies away from the glare. Soft spoken with an outlook of broader unanimity, is the future of the mighty empire.
We, the Wishesh Team wish you all the very best in the endeavors SIr, because TATA is just not a brand in our country but a life line to the nation. The success of TATA is nation’s pride.