Thu, Dec 27, 2012 - Page 15 News List

Ratan Tata set to retire as chairman of Tata group

AFP, MUMBAI

“The challenge for Mistry will be to find the next growth sector for the group,” IDBI Capital head of research Sonam Udasi said. “How long can it ride on the success of Tata Motors and TCS?”

Tata has tried hard to expand the global footprint of the group’s Indian Hotels, which runs the landmark Taj Hotels Resorts and Palaces and has posted losses in the past four quarters.

Tata Steel’s daring US$13.7 billion purchase of Anglo-Dutch firm Corus in 2007 — then India’s largest overseas acquisition — now appears ill-timed, as business conditions continue to look downbeat in Europe.

However, Mistry has time — and Ratan Tata — on his side.

After retirement, Tata plans to remain head of the charitable trusts that own two-thirds of Tata Sons and distribute millions.

He also wants to work toward “relaunching” the Nano, his pet project billed as the world’s cheapest car, which has been struggling in a competitive market.

A bachelor, Tata is set to continue to pursue his passions for fast cars, flying, books and his dogs.

“I will not disappear. You will continue to see my face whether you like it or not,” Tata told emotional shareholders earlier this year.

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