100 billion dollar salt to software group now in the hands of young Mistry
Tata Sons chairman Ratan Tata retired today at the age of 75 after serving the group for 21 years, leaving his salt to software group in the hands of quite young Cyrus Pallonji Mistry, who will be the new chairman of the $100 billion conglomerate.
Before being appointed as the Chairman designate of Tata Sons, the holding company for all Tata group firms with a diversified interest in software, automobile, steel, hospitality and retail sectors; Cyrus Mistry was the managing director of construction giant Shapoorji Pallonji Group. Father of Cyrus Mistry, Pallonji Shapoorji Mistry is the single largest shareholder in the Tata Sons with 18% stake.
Cyrus has proved his leadership quality by successfully leading the construction company promoted by his father, which has significant presence in Middle East and Africa apart from India. Industry body Assocham's president Rajkumar Dhoot, in a statement, said that he was confident that Cyrus Mistry, the young successor to Ratan Tata
, will uphold the values that are associated with the Tata Sons.
Earlier last week, the industry chamber had come up with a survey in which CEOs from across India
had expressed confidence that Mistry would be able to steer the USD 100 billion group well even though the global business environment is uncertain at present.